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gjsinop
February 3, 2022
Question

Loan

  • February 3, 2022
  • 1 reply
  • 1 view

I set up a loan in QB online however I do not see a loan deposit in the register.  If I enter the deposit separately then it shows up double in the balance sheet.

    1 reply

    K
    Kevin_CModerator
    Moderator
    February 3, 2022

    Good day, @gjsinop. I can help you with your concern about your loan that doesn't show up in the register in QuickBooks Online (QBO).

     

    Once you've entered the loan amount upon setting up the account, you don't have to make a bank deposit. You can create a journal entry instead.

     

    Follow these steps to proceed:

     

    1. Select + New and then select Journal entry.
    2. On the first line, select the liability account you just created from the Account dropdown.
    3. Enter the loan amount in the Credits column.
    4. On the second line, select your bank account from the Account dropdown.
    5. Enter the same loan amount in the Debits column.
    6. Once done, select Save and close.

     

    See this screenshot as an example:

     

     

    Also, to ensure that your books are accurate and to avoid messing up the data, I highly recommend seeking assistance from your accountant. They can give advice and guide you in properly recording the loan in QBO. If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area. 

     

    Additionally, consider checking out this article to learn more how you can record a loan repayment in QuickBooks Online.

     

    Drop a line if you have a follow-up question on this matter. I'm always here to work with you again. Keep safe and have a great day!

    G
    gjsinopAuthor
    February 3, 2022

    Thanks Kevin, however I got this when I did it.  Why the balance of $78,058.19?

     

     

    Z
    ZackE_QuickBooks Team
    QuickBooks Team
    February 3, 2022

    Thanks for following up with the Community, gjsinop.

     

    To properly identify why your balance is a specific amount after creating a journal entry, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

     

    Here's how it works:
     

    1. Go to our Find an Accountant page.
    2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
    3. Select Search.
    4. Browse through the results and find one that works best for your business. You can click on each ProAdvisor's profile to learn more information about them.

     

    Once you've found an accountant, they can be contacted through their Send a message form:

    1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
    2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
    3. Hit Send message.

     

    I've also included a detailed resource about working with journal entries which may come in handy moving forward: Create a journal entry

     

    If there's any additional questions, I'm just a post away. Have an awesome day!

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