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Kim5013
Level 1

How do I enter the refinance of a semi loan that now included an engine rebuild

I know to show the payoff of the first loan I can use check and enter the appropriate amounts for principal and interest. Since the new loan includes an engine rebuild I am unsure how to show amount specific to the rebuild for our repairs account. 

2 Comments 2
MAnneJ
QuickBooks Team

How do I enter the refinance of a semi loan that now included an engine rebuild

Let me help you record your refinance loan with an engine rebuild in QuickBooks Online (QBO), @Kim5013

 

We can record the new loan with an engine rebuild using a Journal Entry.
 

Here's how: 

 

  1. + New icon and select Journal Entry.
  2. Choose the liability account you created (Repairs Account) from the Account dropdown. Enter the loan amount in the Credits column.
  3. Select your bank account from the Account dropdown, then enter the same loan amount in the Debits column
  4. Click Save and Close.

However, I'd still recommend consulting your accountant to make sure everything is accounted for appropriately to make sure your record won't be messed up. 

Moreover, I'll add this article for you to check in case you want to add an accountant: Add accountant users in QuickBooks Online.

 

Feel free to reach out if you need further assistance managing your loans in QBO. I'll keep an eye out for your reply. Take care. 

Kim5013
Level 1

How do I enter the refinance of a semi loan that now included an engine rebuild

Thank you!

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