I need help with recording loan proceeds in Quickbooks Desktop Pro 2020 when part of the proceeds were used to payoff 2 current loans. The bank took care of the 2 loans so the dollar amount needed for them was subtracted from the total loan amount and the remainder was deposited to our checking account. Just for the record, we did not purchase anything - it's strictly a refinance. The only thing I've done so far is create a liability account for the new loan. When I record the amount that went into our checking, what G.L. account should I use to offset the deposit? Since the bank used some of the proceeds to pay off the 2 current loans we have with them, what is the best way to record those payoffs? I want to make sure I use the correct G.L. accounts for everything!
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