Thanks for getting back to us, @Kass1111.
Both of your suggestions are correct, you can create a new bank in the Chart of Accounts or set up a loan from an old to a new company. However, it's still up to you on how to handle the transactions.
To set up a new account:
- Go to the Gear icon⚙ and select Chart of Accounts.
- Select New.
- Follow the steps to create a new account. Give the account a name, an account type, and a detail type.
- Select Save and Close.
To record a loan and its payments, you'll have to set up a liability account. This account then tracks what you owe. To set this up, you can follow the steps below:
- Select Gear⚙ and then Chart of Accounts.
- Select New to create a new account.
- From the Account Type ▼ dropdown, select Long Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
- From the Detail Type ▼ dropdown, select Notes Payable and enter the name.
- In the When do you want to start tracking your finances ▼ dropdown, choose when you want to start tracking the transactions:
- Enter the full loan amount as a negative amount. This sets up the liability account with the full loan amount.
- Click Save and close.
Once done, you can now import the transactions, just check out the articles shared by ShiellaGraceA for more details.
I’m also adding a link to help you efficiently organize your transactions. These resources outline the complete steps on how to inactivate the online banking feature and instructions to classify downloaded entries.
Please let me know if I can be of further assistance. I’ll jump right back in to help and make sure you’re taken care of. Enjoy the rest of the day.
