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Set up a liability account for a loan

When you owe money to a lending institution, the amount of the loan is a liability for your company. You can track a loan in QuickBooks by setting up a liability account for it.

To do this task

  1. Go to the Lists menu and click Chart of Accounts. Shortcut

  2. Click Account at the bottom of the list and click New.

  3. Select Other account types, and then click the down arrow to display the list of account types:

    • For short-term loans (one year or less), choose Other Current Liability as the account type.

    • For long-term loans, choose Long term liability.

  4. Click Continue.

  5. Enter the account name and number.

  6. Leave the opening balance at 0.00.

  7. Click Save & Close.

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