Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

What entries do I make to pay off one loan with a new loan?

 
2 Comments
Community Champion

What entries do I make to pay off one loan with a new loan?

Journal Entry net=0

Debit old loan

Credit new loan

 

Unless cash is involved, then you can use either "check" if you had to add money or "deposit" if you received extra. In both of those transaction types you can directly enter the old and new loan accounts in and out

Level 1

What entries do I make to pay off one loan with a new loan?

If i have an existing line of credit for $50,000 and I am getting a new line of credit for $75,000, how would i enter the new loan so it would pay off the one loan but leave the available monies in the new line? 

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us