Unlike quickbooks Desktop, QBO (quickbooks Online) does not have a loan manager feature in it. To manage and set up the loan payments, the user has to perform it manually. That’s why it is important to have sufficient information on the topic of how to add a loan on quickbooks Online.

While running your business, you might need a loan to purchase new assets like vehicles, equipment, buildings, or machinery. In QuickBooks Online, you can record loans and loan payments, set up an asset, and record depreciation of assets. Here’s how. Note: These instructions cover how to set up loans for assets.

How to Add an Equipment Loan to QuickBooks Online Account Type: Long Term Liabilities. Detail Type: Notes Payable. Name: Loan for *insert what you purchased here* #1234. The number at the end is the last 4 digits of the loan number. Description: Optional.

Below are the steps to answer the most intriguing question of how to enter loan payments in quickbooks Online. Take a look. Open quickbooks Online and go over Settings. Choose Chart of Accounts (COA) and click on New.