cancel
Showing results for 
Search instead for 
Did you mean: 
coolimageusa
Level 1

I set up a current liability account for car loan, but I forgot to enter loan amount as negative. How do I fix this?

 
3 Comments 3
AileneA
QuickBooks Team

I set up a current liability account for car loan, but I forgot to enter loan amount as negative. How do I fix this?

Thank you for reaching out to the Community. It's my priority to help you sort this out, @coolimageusa.  

 

We can edit the account you've created through Chart of Account. Let me show you how.  

 

  1. On the left pane click Accounting, and choose Chart of Accounts
  2. Choose the specific account under Action View register drop-down arrow, and choose edit. 
  3. From When do you want to start tracking your finances from this account in Quickbooks, drop-down arrow, select the starting date.  
  4. Enter the Amount.
  5. Click Save and Close

 account.PNG  

account1.PNG  

Once done, you can check from chart of account and under QuickBooks Balance the amount will show up. 

 

For additional information on this, I recommend the following article: 

 

 

Though, if you wish to record and track the money you load, you can enter either full or partial payment. Here's how: 

 

  1. Click + New
  2. Choose Journal entry, (Note switch to Accountant view first, to control over like the chart of account). 
  3. On the first line, under the Account select the liability account you've created, and enter the amount load in the Credit column. 
  4.  On the second line, select the appropriate asset account from the Account dropdown. Enter the same loan amount in the Debits column.

 This will track down the loan you have spend.

 

If you have any other questions, don’t hesitate to comment below. Have a great day!

musictax1
Level 1

I set up a current liability account for car loan, but I forgot to enter loan amount as negative. How do I fix this?

Hi,

 

Thank you for posting this!

Would you mind posting screenshots of the "record and track" steps?

 

Thank you!

 

Josh

Kristine Mae
Moderator

I set up a current liability account for car loan, but I forgot to enter loan amount as negative. How do I fix this?

I got you, Josh. Let me share the screenshots with you.

 

First, you'll have to click the New or Plus sign (+) button, then select Journal entry.

 

 

Next, add the liability account in the first line and enter the amount in the Credit column. Then, the asset account in the second line and the amount in the Debits column.

 

As always, we recommend conferring with your accountant on the categorization of accounts.

 

When you pull up the Balance Sheet report, you can see the accounts and balance there. 

 

If there's anything else that you need, don't hesitate to get back to this thread. We'll respond as soon as we can.

Need to get in touch?

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