Microsoft KB Archive/937698

= How to record a loan payment in Accounting Professional 2007, in Accounting Express 2007, and in Small Business Accounting 2006 =

Article ID: 937698

Article Last Modified on 8/21/2007

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APPLIES TO


 * Microsoft Office Accounting Professional 2007
 * Microsoft Office Accounting Express 2007
 * Microsoft Office Small Business Accounting 2006

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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. </li> Create the loan as a long-term liability account. To do this, follow these steps:  On the Company menu, click New Account.</li> Click Long-term liability, and then click OK.</li> In the Account name field, type an account name.</li> In the Status section, verify that the Active check box is selected.</li> In the Opening Balance field, enter the loan amount.</li> Enter any other information that you want to track about the long-term liability account.</li> Click Save and Close.</li></ol> </li> Pay the loan, and then record the payment to the lender. To do this, follow these steps:  On the Banking menu, click Write Checks.</li> In the Bank Account field, select the account from which you are paying the loan.</li> In the Pay to field, select the vendor that is the loan lender.</li> In the No field, type the check number.</li> In the Date field, select the date on which you are writing the check.</li> <li>In the Amount field, type the amount that you are paying on the loan.</li> <li>If you want to print the check, click to select the To be printed check box.</li> <li>Under Items and expenses, select the long-term liability account in the Name column of the first row.</li> <li>In the Unit Price column, type the same amount that you typed in step 3f.</li> <li>Click Save and Close.</li></ol> </li></ol>

Additional query words: MOA 2007

Keywords: kbhowto kbmbsmigrate kbexpertisebeginner KB937698

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