How to Set Up an Interim Construction Loan in QuickBooks
Acquiring a loan is a normal part of business for many companies that want to expand. If your company has an interim loan for construction costs, you can track the loan's details by entering it in QuickBooks, as the financial application can track many types of accounts, including loans. An interim loan in QuickBooks is set up as a liability account. Use the Loan Manager utility to manage the loan.
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Instructions
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Open QuickBooks and click "Lists" in the main menu bar.
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2
Select "Chart of Accounts" from the drop-down menu, then click the "Account" drop-down button at the bottom left corner of the window and select "New."
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Click "Other Account Types" and select "Other Current Liability" from the drop-down list, then click "Continue."
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4
Enter a name for the construction loan and the account number in the appropriate fields. Enter the dollar amount of the loan's balance in the "Opening Balance" field.
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Click the "Save and Close" button to save the new construction loan account.
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Click "Banking" on the main menu, then select "Loan Manager" from the drop-down menu.
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Click "Add a Loan," then fill out the required information to add the construction loan to the Loan Manager -- for example, enter the original loan amount and terms of the loan in the appropriate fields. Click "Finish" to complete the setup process.
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