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Simplify payday and set payroll to run automatically on QuickBooks. Explore QuickBooks Payroll

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Replying to:
CharleneMaeF
QuickBooks Team

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I'm here to help you enter the negative amount, inquiries2.

 

Before adding the amount, you'll have to select when do you want to start tracking your finances from the EIDL account.  Here are the complete steps:

 

  1. From the Accounting menu, select Chart of Accounts.
  2. Click the New button.
  3. From the Account Type drop-down list, select whether it's a Long Term Liabilities if you plan to pay off the loan by the end of the current fiscal year or Other Current Liabilities instead if it's payable in a short period.
  4. Choose details that match your loan in the Detail Type drop-down menu.
  5. Enter a recognizable name.
  6. Under When do you want to start tracking your finances from this account in QuickBooks?, select the correct period.
  7. You can customize the date by selecting Other, then choose the correct dates.
  8. Add the full loan amount as a  negative amount in the Amount field.
  9. Click Save and close.

 

For your visual reference, I've attached some screenshots below.

 

Once done, you can now create a journal entry.

 

When your ready to pay back the loan, I suggest visiting this article, then scroll down to Step 3 for the detailed process: Set up a loan in QuickBooks Online.

 

Please get back to me if you have other questions about the process. I'm always here to assist you.

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