You'll want to check how the short-term loan is set up in QuickBooks Online (QBO), @stacy59. Please know that every detail added to the loan account will affect how it's reflected in the Statement of Cash Flows report. We will provide more information below to help you address your inquiry promptly.
When setting up these loans in the program, it is crucial to pay attention to the account type and detail type of the liability account you created in the Chart of Accounts, as these fields will help determine how the recorded data reflects in the program. Also, please know that when the liability account is created, there isn't a way to modify it, as making changes can cause errors that can mess up your recordings.
To address this, you'll want to make the account inactive and set it up again from scratch. Here's how to make an account inactive in QBO:
- In the Chart of accounts, locate the account and then click the Dropdown arrow.
- Select Make inactive, and then click the Yes, make it inactive button.
Once done, recreate the account and ensure all the information are accurate. You can refer to this article for further details about setting up an account to track loans in QBO: Set up a loan in QuickBooks Online.
If you're unsure which accounts to use to ensure the loan and its payment recordings in QBO show accurately, we recommend working with an accountant. This way, they can provide additional solutions to help you navigate this situation promptly while keeping everything on point. Feel free to visit this page: Find a QuickBooks ProAdvisor.
On top of that, here's an article to help you modify and add more details to your reports in QBO: Customize reports.
In case you need assistance in organizing business loans, our QuickBooks Live Expert Assisted can offer tips and guide you through completing it seamlessly. Feel free to check them out anytime.
We encourage you to communicate with us in the comment section if you require further assistance dealing with loans and repayments in QuickBooks. We're also ready to extend a helping hand to complete your tasks promptly.
