This is a bit complicated, so I'll try to make it as clear as possible:
My business received a long-term loan from a private investor in January, 2021. The money was wired directly to our business accounts, and we set up savings accounts with the loan money in them, which we draw from when needed.
We did not start using QBO until after this had already happened.
Now that I've started using Quickbooks, I have set up a long-term liability account for the loan. I want to use QBO for my entire year's bookkeeping, going back to the time the loan was issued. However, the transfer of the loan money into our business accounts has already been recorded as a transfer from an outside account (not the loan account).
Should I make a journal entry to record the money moving from the liability account into our business accounts? If so, how do I prevent this transfer from doubling up with the transfer that already exists, which was not connected to the liability account? Or, should I do something totally different?
