Auto loans

You'll need to set up the required things to record the loan for your new QuickBooks company, @Deby39. I can help walk you through the process.

First, set up a new liability account in the new QuickBooks account. Here's how:

1. Go to the Gear icon, then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type ▼ dropdown, select Long Term Liabilities, then click Notes Payable from the Detail Type ▼ dropdown.
4. Give the account a relevant name, like "Loan for a car" and fill in any other necessary details.

Then, determine the Loan Account balance. If the old loan account is still accessible from the previous QuickBooks company, confirm its remaining balance. A new loan will show the total amount to be repaid if the funds were deposited into your bank. You can utilize Step 2 in this article for details: Set up a loan in QuickBooks Online

Once a liability account is created, we can create a journal entry to record the amount you got from the loan and deposit it to your bank account. Before starting the process, I recommend consulting your accountant for appropriate guidance.

1. Click on the +New icon and select Journal Entry.
2. Select the liability account created on the first line and enter the amount borrowed in the Credits column.
3. Select your bank account on the second line and enter the same loan amount in the Debits column.
4. Then, click Save and Close.

After that, you can pay back the loan by following these steps:

1. Select + New.
2. Click Check.
3. Add a check number if you plan to send an actual check. If you use direct withdrawal or an EFT, enter Debit or EFT in the Check no. field.

Once the payment is entered, make sure to reconcile the new loan account and your bank statement to ensure accuracy.

The Community team is always around if you have more questions about managing your loan payments in QuickBooks Online.