How do you add a notes payable or loan?

This article explains how to add a Notes Payable account to the Chart of Accounts.

 

1.  Go to Accounting.
2.  Select the Chart of Accounts tab on the left of your screen and scroll down to the Liabilities section.
3.  Click on either the Notes Payable - Short Term or Notes Payable - Long Term and click on the New button.  Select Account in the drop-down menu to add the appropriate loan.
4.  Fill-in the Account Info:  Account Type, Name, and Balanced owed.
5.  Click on the Details tab to the right of Account Info and fill-in all of the information in the boxes.  Click on the Calculate Payment button to calculate your payment amount.  If this amount is incorrect you are able to edit it.  When you are finished filling out the loan details click on the Save & Close button in the right lower corner of this window.
7.  The loan has been added to the Chart of Accounts and can be edited by clicking on the Details tab.