Business Loans

I'm here to help you with recording your bounce back loan and the payment made, @Kennels9. 

In recording the bounce back loan, set up a liability account. Then, use that account in recording the amount you've got from the loan by creating a journal entry. 

The same goes with the company loan from your personal account, create a liability account for the journal entry to track the amount that they get from you. Then, write a cheque to track the repayments to your personal account.

To set up a liability account:

1. Go to the Gear icon (⚙) and choose Chart of Accounts.
2. Click New to create a new account.
3. From the Account Type dropdown menu, select Non-current liabilities. Note: If you plan to pay off the loan by the end of the current financial year, select Current Liabilities instead.
4. From the Detail Type dropdown, select Notes Payable (or Loan Payable).
5. Set a name like "Bounce back loan."
6. Select Save and close.

To record the money you got from the loan:

1. Go to the + New button and choose Journal entry.
2. On the first line, select the liability account you just created from the Account dropdown. Enter the loan amount in the Credits column.
3. On the second line, select the appropriate asset account from the Account dropdown. Enter the same loan amount in the Debits column.
4. Click on Save and close once you're done.

You can now write a cheque to record the repayments:

1. Go back to the + New button and select Cheque. 
2. Provide all the necessary information about this cheque. 
3. Enter your liability account, expense, and any additional fees account in the Category Details section of the cheque.
4. Click Save and close once you're done. 

Refer to the following article for more information about setting up your accounts to track the loan and payments in QBO: Set up a loan in QuickBooks Online.

You can delete the uncategorised income that you've added initially, then manually reconcile those repayments. Here's how:

1. Go to your Chart of Accounts and find your bank account, then click the View register link.
2. Locate and select the repayments
3. Under the Checkmark column, click the blank box until an "R" appears. 
4. Click Save.

Check this article for more information about resolving issues you'll possibly encounter when reconciling your accounts: Fix issues at the end of a reconciliation in QuickBooks Online. 

To track the amount of money moving in and out of your business and bank account, refer to the following article for detailed guidance: Track your cash flow in QuickBooks Online. This will show you how to use different reports and projections in QBO. 

Let me know if there's anything that I can help in recording your transactions and or anything else, by leaving a reply below. Take care and have a great rest of the day!