How do I add an existing loan to QB online? The loan was taken out and spent before I started using QB online on July 1st.

Good day, trish-everything.

I'll show you how to add an existing loan in QuickBooks Online (QBO).

The first step would be to setup a liability account. You will use this to record the loan.

Here's how:

1. Go to Settings, then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type dropdown, select Long Term Liabilities.
4. From the Detail Type dropdown dropdown, select Notes Payable.
5. Fill in the necessary information.
6. Select Save and Close.

Once done,  you can record the money you got from the loan. Below are the steps on how to do it:

1. Go to + New.
2. Select Journal entry.
3. On the first line, select the liability account you just created from the Account dropdown. Enter the loan amount in the Credits column.
4. On the second line, select your bank account from the Account dropdown. Enter the same loan amount in the Debits column.
5. When you're done, select Save and close.

Learn more about the detailed process of managing loans in QBO through this article: Set up a loan in QuickBooks Online.

To help you with future tasks and tips when using QBO, you might want to visit our Help Articles.

Get back to me if you need help while working with loans or anything about QuickBooks. I'd be happy to assist. Enjoy the rest of the day!

Yes, I know how to add a new loan and make payments. The problem is that I have had to start my company as a new one in QBO as my old software was not compatible to import. The loan amount therefore can't be added again in this way as it was already used and spent out of the bank account. I'm just at a loss as to how to record payments made when there is no loan account to pay against.

Perhaps I am not explaining this very well a I am not a bookkeeper; I am a small business owner who does her own books.

I appreciate you for getting back, @trish-everything. I can share with you some additional information on how to record the payment in your new QuickBooks Online (QBO) account.

You can issue a check or record an expense transaction for the loan payment. Before that, create an account from the Chart of Accounts to track the entry. When you're ready to enter a check, follow these steps:

1. Sign in to your QBO account.
2. Go to the +New icon, then click on Expense or Check under Vendors.
3. Fill in the necessary information, then save the transaction.

If you need help with the category details, check out the instructions from this link under Step 3: Record a loan repayment as your guide: Set up a loan in QuickBooks Online.

Additionally, you may consult with an accounting professional to give you more options in recording the payment and keeping your books in place.

If you have follow-up questions about the loan and loan payments, feel free to leave a comment below. I'm more than happy to help you again. Have a good day!