Best way to correct a loan balance?

Cricketmn7 · ‎August 03, 2021

Hi! I am an outside accountant for a company that just contracted with us for 2020, 2021 financials. I have entered an auto loan that they have, which started Sept 2016. I’ve already created the asset, etc. using the original loan docs. They’ve finally supplied me with a loan statement so I need to go back to correct the starting balance (for us) as of 01/01/2020, so that it correctly reflects the loan balance.
I’ve calculated the interest paid and the principal paid as of 01/01/2020, but I’m not sure of the best way to correct it in QB (desktop ver. 2020).

Any advice?

Kristine Mae · ‎August 03, 2021

You can edit or correct the opening balance, Cricketmn7. I'm here to guide you.

Feel free to follow these steps:

Click Lists.
Go to Chart of Accounts.
Select the loan account, right-click, then choose Edit Account.
Click Change Opening Balance.
Fill in the necessary fields, then click Record.

Another way of correcting the starting balance is to create a journal entry.

I'll add this reference to help you learn more about setting up loans: Manually track loans in QuickBooks Desktop.

If you have other questions, don't hesitate to let us know. We're available 24/7 to help you out. Keep safe!

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