Hi there, Jane.
I've got some insights to share about how you can remove the loan from your balance sheet.
Creating a journal entry can help remove the amount owed from your balance sheet. However, to ensure the best course of action for your business, I'd recommend reaching out to your accountant. They'll be able to guide you on what's the best thing to do when it comes to old entries in QuickBooks.
Once verified, you can follow these steps below to create a journal entry:
- Navigate to the Company menu.
- Select Make General Journal Entries.
- Fill out the fields and make sure your debits equal your credits when you’re done.
- Select Save & Close.
For more details on how to manage your journal entry transactions, you can check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This contains steps on how to edit, reverse, and delete the entry.
I'm also adding this reference that can help you fix Balance Sheet reports issues in QBDT: Advanced troubleshooting for balance sheets out of balance.
Know that I'll be around to assist you if there's anything else that you need with QuickBooks, Jane. Have a good one!
