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Article ID: 937698 - Last Review: August 21, 2007 - Revision: 1.1
How to record a loan payment in Accounting Professional 2007, in Accounting Express 2007, and in Small Business Accounting 2006
INTRODUCTION
This article describes how to record a loan payment in Microsoft Office Accounting Professional 2007, in Microsoft Office Accounting Express 2007, and in Microsoft Office Small Business Accounting 2006.
MORE INFORMATION
This procedure describes how to record a loan payment. This procedure assumes that the vendor is the lender, and that the long-term liability account is the loan. If you have created the vendor and the long-term liability account, go to step 3.
- Create the lender as a vendor. To do this, follow these steps:
- On the Vendors menu, point to New, and then click New Vendor.
- In the Vendor name field, type the name of the lender.
- Leave the $0.00 value in the Balance field.
- Enter any other information that you want to track about the vendor.
- Click Save and Close.
- Create the loan as a long-term liability account. To do this, follow these steps:
- On the Company menu, click New Account.
- Click Long-term liability, and then click OK.
- In the Account name field, type an account name.
- In the Status section, verify that the Active check box is selected.
- In the Opening Balance field, enter the loan amount.
- Enter any other information that you want to track about the long-term liability account.
- Click Save and Close.
- Pay the loan, and then record the payment to the lender. To do this, follow these steps:
- On the Banking menu, click Write Checks.
- In the Bank Account field, select the account from which you are paying the loan.
- In the Pay to field, select the vendor that is the loan lender.
- In the No field, type the check number.
- In the Date field, select the date on which you are writing the check.
- In the Amount field, type the amount that you are paying on the loan.
- If you want to print the check, click to select the To be printed check box.
- Under Items and expenses, select the long-term liability account in the Name column of the first row.
- In the Unit Price column, type the same amount that you typed in step 3f.
- Click Save and Close.
APPLIES TO
- Microsoft Office Accounting Professional 2007
- Microsoft Office Accounting Express 2007
- Microsoft Office Small Business Accounting 2006
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