Auto loan at credit union increased balance for CPI insurance

Hello there, SandLin.

I'd like to share some information about adding an increase for your a loan balance in QuickBooks.

It's a good idea to setup a subaccount to keep track of specific accounts under a parent or main account. Just keep in mind, the parent and subaccount must be the same account type.

To add a subaccount:

1. Go to the Lists menu, then Chart of Accounts.
2. From the Account ▼dropdown, select New.
3. Choose an account type, then select Continue
4. Enter the account details.
5. Tap the Subaccount of checkbox.
6. From the Subaccount of ▼dropdown, select the parent account.
7. Click on Save & Close.

Once you've set that up, you may may now check this article under Step 3: Record the loan amount for more information about adding the loan: Manually track loans in QuickBooks Desktop.

I've also added this link to learn more about the set up and guides in chart of accounts: Learn about the chart of accounts in QuickBooks.

Get back to me if your still have other questions or clarifications about it. Enjoy your day.

Thank you for answering. I know how to do that. This is not answering the question. I have since figured it out and it was not adding other Liability accounts.

Hi, SandLin,

We had the same issue in our company.

The credit union increased the Principal balance by $2,248.00 as they did not accept the proof of insurance I provided. They later accepted it and reduced the amount by $1,201.00.

I do not know how to record this transaction in Quick Books.

Can you please let me know how you did it?

Thanks,

Flavio Carvalho

Hi, SandLin,

We had the same issue in our company.

The credit union increased the Principal balance by $2,248.00 as they did not accept the proof of insurance I provided. They later accepted it and reduced the amount by $1,201.00.

I do not know how to record this transaction in Quick Books.

Can you please let me know how you did it?

Thanks,

Flavio Carvalho