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Hi. I am an accounting/bookkeeping newbie.
When I set up my the business in quickbooks a year ago, I added the loan from the owner's to the owner's equity accounts instead of making it a Long Term Liability (it is a loan not an investment).
How do I fix this?
Go to Solution.
Welcome to QuickBooks Community, hwall.
I've got steps on how we can switch this to a long term liability. Please follow the steps below:
Here are screenshots that will serve as your visual guide:
I'd also recommend reaching out to your accountant to make sure this is best for your business and proper recording is applied to your books to avoid messing them up.
You're always welcome to post again anytime here if you need help with managing your QuickBooks.
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