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knowledge is power make an impact by learning more call us right now for more help at eight six six nine four five eight zero seven how to record loans in QuickBooks Online works pretty much the same as it does in QuickBooks desktop just a different software application just looks a little different same idea if I borrow money from a bank or some other lender I'm going to receive money it's going to show up in my bank account right we're gonna increase my bank balance and the offset to that has to be some liability account because I need to record the fact that I now have to pay somebody back right if I don't have to pay somebody back for it that means it's income that's the whole definition that's a distinction between the definition of income versus alone right so we have to record this in QuickBooks then we have to consider that as we're repaying that loan there's two components of those repayments there's the interest which is the cost of the privilege of borrowing that money from...
