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T
Teve
August 25, 2020
Question

How to record loan and owners transfer showing on bankstatment but already recorded with opening balance JE?

  • August 25, 2020
  • 1 reply
  • 0 views

Hi,

This is for a new business we bought in June and we opened the bank account in May. I recorded loan payment and owner equity with opening balance JE in QBO. Now I checked the May to June statement which is showing the loan amount we received from lender bank and also payment to the seller for the same amount(in and out). It is also showing the money we transferred from our account to buy the business. My question is how I record these transactions now since its already recorded in QBO with opening balance JE. Should I ignore it? if yes then there are monthly fees and account set fees etc. from May to June statement and I think this should be recorded but not sure how? Basically not sure how to start my business first-month bank reconciliation with all these amounts showing? I appreciate it if anyone can shed some light.

1 reply

J
JamesM
August 25, 2020

Hi there, 

 

QuickBooks gives you the flexibility to keep track of your transactions while you manage your business with ease. I'd be happy to share more info that'll help you record the loan payment and owner's equity. 

 

Based on what you've described, I want to make sure you get the best advice on this. I recommend reaching out to your accountant for expert advice. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here.

 

I'll also leave this question here so other accounting professional members can chime in. Let me know if you have other questions. I'm here to help.

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