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How to Record a Loan Payment in QuickBooks

  Previously I set up a liability account for a Trailer Loan in which the total cost was entered. I have set the payment up as a pre-authorized type, and since the bank charges both principal and interest on this loan, I am going to show you how to record a payment to recognize both components. This is done using the Write Cheques feature. Making sure I am on the Home page, I will...

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QuickBooks Liability Accounts and Working with Them

If you have viewed your QuickBooks Chart of Account Liability Types, you will notice that there are two. One is the Other Current Liability, which is used to track liabilities that a company expects to pay within a year. Some examples might be Accounts Payable, Credit Card Accounts, Accrued Vacation Pay, Payroll Liabilities or the HST Payable. The other liability type is Long Term, which is...

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Record Deposits in QuickBooks

Record Deposits in QuickBooks

Moving along, you have finished receiving the payments for invoices that you generated and now have to deposit these amounts into the bank that you originally set up in QuickBooks. As always we start off at the Home page. In the Banking section you will find a Record Deposits icon which when clicked will take you to the Payments to Deposit. There you will see the three payments that you received,...

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