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dranta
February 8, 2023
Question

Setting up a loan in Quickbooks Online

  • February 8, 2023
  • 1 reply
  • 0 views

I have followed setting up a loan in Quickbooks online support answer.  But now my account shows I have double the amount that I do.  I set up a long term liability loan and entered an opening balance, let's say $1,000.  Then I made a journal entry moving the long term loan to our bank account.  I entered the opening balance when I set up the loan and then in the journal I entered that same amount going to the bank.  The bank account is showing it correct but the loan account is showing double the amount, $2,000.  A journal entry was automatically done when setting up the loan then I did a journal entry moving to our bank.  Should our loan be showing $2,000.  Sorry if that is confusing.  New to all of this.

1 reply

Rustler
Rustler
February 9, 2023

By setting up the account and entering a balance, QB assumes the money is already in the bank or in use.  Accounts should be set up with a zero balance other than starting a new file.

 

in the chart of accounts, double click on the liability account, that will bring up a register kind of thing for the account. find the entry titled START, it should show a credit in the amount of the loan, delete that entry.  That should fix things

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