SHORT TERM LOAN
A short term loan is a loan that we pay in 12 months, it is called a short term loan, we can do it in Quickbooks online, we can see our loan debt wise to see how much the loan is increasing or we can balance it. Sheets can be opened to see if the loan of the company is short term or long term, we can make it in our online books by making it our company sheets, we can know that there are short term loans and which are long term loans. How much interest is being paid, how much loan is decreasing or loan is increasing?
And long term loans are loans that we cannot pay in 12 months which have been loaned for a long time, we can also find out how long the loan has been taken by creating sheets in our Quickbooks online account. For what is taken and how much is paid, how much interest is being paid, how much interest is being taken, we can see all these work in our Quickbooks account
ACCRUED INTEREST ADJUSTING
Go the QuickBooks online dashboard .we will continue with the get great guitar problem. we are going to be entering accrued interest and just journal entry in order to take a look at that.
we are first going to take at reports so we are going to get a report on the left side. we are going to look for the balance sheets.and get the change the dates so January 1st, 2022 to February 28th2020 we are going to do it by adjusting entry for accrued interest now this is going to be something that will be more of a standard adjusting entry so if you are an accountant if you have taken an accounting class or something you will have the standard adjusting entries that you will have if you are working in that business area. if you are a business owner then there the adjusting interviews give you a better idea and there are going to be required to be what you need. often times if you are going to get a loan or if you are working with someone who wants to get your financial statement on a cruel basis then you will have to do some o these adjustments.and these are going to be the typical type of adjustments that you will make in order to be more of an accrued basis accounting which is typically better for your decision making. so but it can be significant depending on the size of the loans.