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Anne
Level 1

Bank Loan

I have 2 questions. I just received the payoff for a bank loan, the principal is more than Quickbooks shows. How do I correct that?

 

Question2: We are refinancing the loan with a different bank. They have deposited funds into our account to pay off the loan. How do I payoff the 1st bank?

 

3 Comments 3
ReymondO
QuickBooks Team

Bank Loan

Hi there, @Anne.

 

If this transaction is downloaded directly from your bank, then you can exclude it and record it manually in QuickBooks Desktop (QBDT). This way, we can make sure that it is recorded properly when you run a quick report.

 

To remove or delete transactions from the Bank feeds, you have to ignore them.

 

Let me show you how:

 

  1. Click the Banking menu.
  2. Go to Bank Feeds, then choose Bank Feeds Center
  3. Choose the bank account, then click the Transaction List.
  4. On the Transaction List page, put a checkmark on the box column to select the transactions you want to delete.
  5. Select Batch actions, then choose Ignore.
  6. You'll receive a message, "Are you sure you want to delete this transaction?", just click Yes.

 

Once done, set up a liability account to record your loan in QBDT. Just follow the steps provided in this article: How to set up accounts for your loans, and manually track them in QuickBooks Desktop for Windows.

 

For your second concern, you can simply create a deposit to pay the loan amount on your other bank. Here's how:

 

  1. Go to the Banking menu, then select Make Deposits.
  2. In the Deposit To field, click the account to deposit the loan into.
  3. Check the Date and select the Liability account you created in the From Account column.
  4. Enter the loan amount in the Amount column.
  5. Click Save & Close.

 

Please let me know if there's anything else I can do to be of assistance. Just place your concern by clicking Reply and I'll get back to you. Wishing you and your business continued success in all that you do. Have a great day.

Anne
Level 1

Bank Loan

Our accounts are not downloaded from the bank. I manually put it in. How do I adjust the principal manually?

Charies_M
Moderator

Bank Loan

Thanks for the additional clarifications, Anne.

 

Since your accounts are manually inputted, you'll want to reopen the Check used to record the loan payment to adjust the principal amount you enter in the first line of your Expense tab. Please take note that QuickBooks records the payment for the principal amount as a deduction to the liability account.

 

Use the Audit Trail to locate the Check. Below is the instruction on how to do it:

  1. Go to Reports.
  2. Choose Accountant & Taxes.
  3. Select Audit Trail.
  4. Click Customze Report.
  5. Go to the Filters tab and choose Transaction Type. Under that, select Check.
  6. Click OK to save changes.
  7. Find the check you need to edit.
  8. Change the principal amount.
  9. Click Save and close.

To keep track of your loans and be reminded about upcoming payments, you can track and manage your loans with the QuickBooks Loan Manager.

 

In case you want to review the Checks created for loan payments, you can run the Check Detail report. 

 

Here's how:

  1. Go to Report at the top menu.
  2. Choose Banking.
  3. Select Check Detail.

Learn more about running a Check Detail report in QBDT: Use Check or Deposit Detail Reports.

 

Come and visit us again if you need help. It will be my pleasure. Stay safe and have a great day ahead!

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