In general, you can make payments on a loan or line of credit in the same manner that you pay other creditors. You can write a check or have the funds automatically deducted from your bank account. Here, we will walk through how to record a payment.
Follow these steps to make payments on a loan or line of credit:
- Click on the +New button and then select Check in the Vendors column, as shown in the following screenshot:
- Fill in the fields for the loan payment:
A brief description of the fields you need to complete in order to record a payment for a loan or line of credit is as follows:
- Payee: From the drop-down menu, select the payee. If you haven't added the payee to QuickBooks, you can do so here by selecting Add new from the drop-down menu.
- Bank Account: If you have more than one bank account, you need to select the bank account that you want to write the check from in the drop-down menu. When you select...