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Track long-term loans

If you make monthly installment payments on a long-term loan, you can keep track of the balance of your loan in QuickBooks and have your monthly payments deducted from your loan principal.

Note: If you take out a loan to pay for a new asset (such as a new vehicle for your business) the asset account (for the vehicle) and the liability account (for the loan) are not connected in QuickBooks in any way. On your balance sheet you'll see the value of the vehicle as an asset, which adds to the net worth of your business. You'll see the loan as a liability, which subtracts from the net worth of your business.

See also

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