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Join nowWe have two options to do this, @userlily.
First, we can create a service item loan repayment. Then, change the income account to a liability account.
Here's how:
The next step is to create a credit memo to pay the invoice.
The second option is to create a Journal entry to reduce the liability and A/R account. Then, apply it to your open invoices. I'll show you how:
I've also added this article that can guide you on how to personalize sales forms in QBO: Customize invoices, estimates, and sales receipts.
Please let me know if you have clarifications with the process. I’ll be here to help. Wishing you the best!
@Rubielyn_J Thank you for your help!
I choose the 2nd option.
When I follow your instructions on the second option something wrong is happening: when I do step 5.'Under Credits, select the journal entry to be applied as a credit.' I see that credit amount doubles instead of going to '0'.
I assume I made a mistake when I was creating journal entry. When I create Journal entry in the first line I should choose the Loan account and put the loan amount in the Debits and on the second line do I choose my bank account or A/R and put the loan amounts in the credits? Is it correct?
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