Bookkeeping

Setup for mortgage loan in QBO

I use QuickBooks Online for majority of my clients. I have a new one who has a mortgage through his bank and wants me to get this into his chart of accounts so he can view the balance. What is the best way to set this up?

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Answer

  1. 29 Answers

    Unfortunately, QBO does not have an option to link a Bank Loan account, the way you can link a Bank Account or Credit Card Account. You can set up a long term liability account. As a workaround, you can download your transactions the Borrowing Institution as a CSV file. Then, import them into QBO

    Follow these steps on how to import a CSV file:
    1) Go to the Banking menu or Transactions menu and proceed to the Banking tab.
    2) Click the drop-down list beside Update or Link account, then File upload or Upload from file.
    3) Click Browse and look for the CSV file.
    4) Click open and follow the succeeding prompts to upload the file.

    Now that your transactions are uploaded, you will now want to match and categorize the transactions for posting.

    If there isn’t a ton of activity, and only one mortgage loan, you may consider just booking the entries manually once you have the long term liability account in your chart of accounts.

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