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L
Leepa123
March 19, 2024
Question

Bank Loan

  • March 19, 2024
  • 1 reply
  • 0 views

 A loan entry from the bank was enter into QuickBooks of 25000.00.  The company never gotten that loan from the bank and is still in the books after 2 year how do i enter  a J/L entry to cancel out  that entry seeing that the loan was never rec

1 reply

J
JamaicaA
March 19, 2024

Welcome to the Community space, @Leepa123. I'll walk you through recording a journal entry to rectify the bank loan.

 

You can follow these steps to enter a journal entry to cancel out the loan entry:

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Fill out the fields and make sure to input equal amounts on your debits and credits.
  3. Click Save or Save & Close.

 

For the debits and credits, I highly recommend consulting your accountant. They can guide you on which accounts to involve. This way, we can verify the entries for accuracy on your books.

 

Here's an article to help you edit, reverse, or delete a JE: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

I'm adding this reference in case you need to set up accounts for your loans and record payments: Manually track loans in QuickBooks Desktop.

 

You can always get back to me by leaving a reply to this thread. I'm here to back you up for any other JE or loan concerns. Take care.

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