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I have to record a loan entered into an old business bank account in my book that never entered my new bank account. I don't want to link the old bank account as I now use it for another business, but I need to reflect this loan in my books. How do I enter this transaction?
Hi Amberv99!
Thanks for reaching out to us again. Let me assist you in recording the loan.
You don't need to link your bank account to QuickBooks Online to track the loan. You can simply set up a bank account on your Chart of Accounts. Follow these steps:
You also need a liability account to track what you owe. Then, create a journal entry if you'd like to record the money you got from the loan directly into the bank account.
Please check this article for the detailed steps on how to track the loan: Set up a loan in QuickBooks Online.
Also, here's the link if you need help in reconciling your bank accounts: Reconcile an account in QuickBooks Online.
I'm just a post away if you have additional questions. Take care always!
If I do that will that amount be left in that account indefinitely and show on the balance sheet? Since I can't record necessary record the any decrease to the value.
Thanks for the immediate response, @Amberv9. I'm happy to share further details about recording a loan transaction in QuickBooks Online (QBO). This way, you can manage your financial data accordingly.
When you set up a bank account to your Chart of Accounts, the loan amount will be left in it indefinitely. It will also show on the Balance Sheet report once you're unable to record the necessary data like the payments to decrease its value.
You may also consult your accountant. This way, you can keep your financial data accurate and manage your loan accordingly.
Additionally, I'd recommend reconciling your accounts every month. Doing so will help you monitor your transactions and detect any possible errors. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Online.
Please don't hesitate to let me know in the comments if you have other banking concerns and questions about managing your loan transaction in QBO. I'm always around to help. Take care, and I wish you continued success, @Amberv9.
Thank you for your help!
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