Debt Consolidation Loan and Payroll Liabilities?

Good evening, @ebo8302. 

It's great to see you back in the Community. I hope your day is going well so far. 

I appreciate you coming to us with this question. However, you've already asked this on another thread and my colleague was able to give you an answer. Don't worry. Here's the link to take you right to the thread and so you don't get confused. 

I hope the information given helped you. Should you need further assistance, reply back on the thread that my colleague responded to. The Community and I are here to have your back. Wishing you and your business continued success!

I never asked this in any other thread. I asked another question, but not the same question. (And for the record, your colleague didn't answer it either. I have a feeling neither of you really read either question)

Hi there, @ebo8302.

You got me here to help get your concern about moving the payroll liabilities to the loan to zero out your liabilities.

You can create a journal entry to transfer the amount from your payroll liabilities to the loan. This way, it will zero out your liabilities and show that it was paid through the loan.

However, in doing this, I recommend reaching out to your accountant. This way, you'll be guided in selecting the right account to be debited and credited in this entry.

Know that you can always visit our ProAdvisor site to seek help from our accountants: Business is better with a ProAdvisor.

Once verified, here's how you can generate a JE:

1. Go to the Company menu.
2. Select Make General Journal Entries. 
3. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
4. Hit on Save or Save & Close.

To give you more details about managing journal entries in QuickBooks Desktop, feel free to scan through this reference: Learn how to record journal entries in QuickBooks Desktop Windows or QuickBooks Desktop Mac.

Lastly, I'd like to share this great resource that you can use on your future transaction in case, you need to create liability adjustments in the system: Learn how to use a liability adjustment to correct employees’ year-to-date (YTD) or quarter-to-date ...

I'll be right here to provide further assistance if there's anything else that you need. Have a nice day!