How to record a loan from two different companies

Hello, 

Thank you for replying back to my question. I have only created one liability account. I still a little confused on these steps. How would I transfer the old balance to a new balance? since the old company is not being used. 

Once you've completed this step, you can create a journal entry to record the loan from the two companies. I recommend seeking advice from a certified accountant before proceeding.

1. Click the +New button.
2. Select Journal Entry.
3. Enter all the necessary details.
4. Hit Save and close

Thank you for getting back, @accountingatheart.

I can provide the steps on how to transfer an old loan balance to a new balance in QuickBooks Online.

To begin with, you need to create a liability account. Then, you can record the loan received via bank deposit or journal entry. This should increase the balances of the loan account and the asset account, where the actual money is deposited.

Here's how to set up a liability account

1. Go to Settings, then select Chart of Accounts.
2. Click on New.
3. If the liability is to be paid in full within a year, select Other Current Liabilities. \If it will take more than a year to repay, select Long Term Liabilities.
4. Name the account suitably. For example: If you’re buying a truck, create an account called Loan - Truck.
5. Leave the opening balance blank. (Optional) Add a description to add extra information about this account. 
6. Then click on Save.

Here's how to create a journal entry to apply the loan to the proper asset accounts:

1. Click on + New.
2. Select Journal entry.
3. Under ACCOUNT, select your new liability account for the first line.
4. Enter the amount of the loan under CREDITS.
5. For the next line, select the appropriate asset account under ACCOUNT.

Note: The DEBITS column will be automatically populated based on the amount in the CREDITS column.

     6. Finally, select Save or Save and close.

Asset account for the purchase Credit then enter the original value, where payments made as debit and loan payable as debit

However, I'd still recommend reaching out to your accountant to have hands-on support from technical and accounting perspectives.

Additionally, to help you learn how to record, track, and use loans, you can read through this article: Track customer loans in QuickBooks Online.

I’ll be around the corner if you need an extra pair of hands in recording loans or any QuickBooks-related matters. Stay safe!