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alabamarolltide
Level 1

I received an EIDL loan today. I set up new long term liability in my chart of accounts. How do I get this money to show in my checking account.

 
3 Comments
john-pero
Community Champion

I received an EIDL loan today. I set up new long term liability in my chart of accounts. How do I get this money to show in my checking account.

Hopefully you only set up the loan as a blank account. Next, like any loan proceeds, make a deposit into banking fro the loan. If you set it up with a beginning balance (which is wrong) you would need to either delete and start over or create a deposit to move the beginning balance from equity to banking

alabamarolltide
Level 1

I received an EIDL loan today. I set up new long term liability in my chart of accounts. How do I get this money to show in my checking account.

I need more detail than that. I am using Quickbooks online. I went in to chart of accounts.. "new" long term liabilities , named the load, enter the amount of loan. That's where I am .

JamesDuanT
Moderator

I received an EIDL loan today. I set up new long term liability in my chart of accounts. How do I get this money to show in my checking account.

Hello alabamarolltide,

 

As per john-pero's advice, we can set up the loan account without any balance and create a deposit. Here's how to continue where you're in right now:

  1. Enter the details of the loan account.
  2. Select when do you want to track the balances for the account:
       • Beginning of this year
       • Beginning of this month
       • Today
       • Other
  3. Leave the amount field blank. ($0.00).
  4. Click Save and Close.

Then, here's how to create a deposit for the loan:

  1. Click the + New button and select Bank deposit.
  2. Enter the bank account in the Account field and the Date.
  3. Go to the Add funds to this deposit section and enter the customer or vendor in the RECEIVED FROM column. This is only if necessary.
  4. In the ACCOUNT column, enter the loan account you've created earlier.
  5. Enter the AMOUNT and the other details.
  6. Click Save and close.

If you have an incorrect beginning balance of the account, you have two options, You can do either of the following:

  • Delete the beginning balance from the account register and start over.
  • Create a deposit affecting the equity account.

Here's how to delete or edit the amount of the beginning balance:

  1. Click the Gear icon and select Chart of Accounts.
  2. Look for the account and click View register.
  3. Look for the Deposit transaction with the Opening Balance Equity as the affected account.
  4. Change the amount, click Save and Yes to confirm the action.
  5. Or click Delete and select Yes to confirm the action.

Create a bank deposit will increase the bank balance. Here's how to create one:

  1. Click the + New button and select Bank deposit.
  2. Enter the bank account in the Account field and the Date.
  3. Go to the Add funds to this deposit section and leave the RECEIVED FROM column blank.
  4. Select Opening Balance Equity in the ACCOUNT column.
  5. Enter the amount and click Save and close.

If you have additional queries of the process, you can always get back to us. Have a great day!

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