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cambermgmt
Level 1

Loan Refinance Journal entry

I tried to create a journal entry for a loan refinance, but received an error to Select An Account for this transaction and I don't know why? 

TypeAccountDescription Debit Credit
LiabilityLoan PayableLoan #9517  $ 2,971,275.56
AssetProperty CostsAppraisal Fee $        2,500.00 
AssetProperty CostsEnvironmental Fee $           240.00 
AssetProperty CostsFlood Cert $               8.00 
LiabilityLoan Origination FeeLoan Origination Fee $      15,398.61 
AssetLoan Escrow AccountEscrow Charge  $        2,440.00 
AssetProperty CostsRecording Fees $             90.00 
LiabilityLoan PayableLoan #24079 pay off $ 2,658,457.89 
ExpenseInterest ExpenseLoan #24079 Interest expense to 11/8 $      26,948.75 
ExpenseInterest ExpenseLoan #24079 Interest expense 11/8/23 - 11/13/23 $        4,370.04 
ExpenseFinance CostsLate fee $        1,231.28 
ExpenseFinance CostsRecoupment fee $      79,753.74 
ExpenseFinance CostsReconveyance fee $             90.00 
ExpenseFinance CostsDemand fee $             30.00 
ExpenseFinance CostsRecording Fees $           120.00 
ExpenseFinance CostsWire fee $             25.00 
ExpenseFinance CostsFax fee $             10.00 
LiabilityLoan PayableLoan #150610 $    169,173.68 
ExpenseInterest ExpenseLoan #150610 Interest expense to 11/8 $        1,714.91 
ExpenseInterest ExpenseLoan #150610 Interest expense 11/8/23 - 11/13/23 $           278.10 
ExpenseFinance CostsLate fee $             78.35 
ExpenseFinance CostsReconveyance fee $             90.00 
ExpenseFinance CostsDemand fee $             30.00 
ExpenseFinance CostsRecording Fees $           120.00 
ExpenseFinance CostsWire fee $             25.00 
ExpenseFinance CostsFax fee $             10.00 
ExpenseFinance CostsRecoupment fee $        5,075.21 
ExpenseProperty CostsTitle Charge Loan #9517 $        2,667.00 
ExpenseProperty CostsEndorsements $           300.00 
SUB TOTAL  $ 2,971,275.56 $ 2,971,275.56
Refund due to Buyer  $                   -    
TOTALS $ 2,971,275.56 $ 2,971,275.56
6 Comments 6
GlinetteC
Moderator

Loan Refinance Journal entry

Hello there, cambermgmt.

 

I'll be glad to help. However, I need more details to understand your issue or concern fully. 

 

Could you please confirm if you're utilizing a third-party application when trying to create the Journal entries? Any extra details would assist me in providing a precise solution.

 

I'm looking forward to your reply. Have a good one.

cambermgmt
Level 1

Loan Refinance Journal entry

I am entering in the journal entry manually, the entries provided is my work in excel. 

ChristineJoieR
QuickBooks Team

Loan Refinance Journal entry

I can see that you need to enter manually enter expenses manually in QuickBooks Online, cambermgmt. When recording a loan refinance in your journal entry, you need to specify the accounts involved in the transaction. Since you mentioned that you get an error, let's work together and identify the issue.

 

Once you create your company, QuickBooks automatically sets up an account in the chart of accounts. However, if you get an error after selecting an account, the possible reason is that this was not yet enrolled within the COA. In this case, we'll need to set up an expense account if the following account is listed on your Excel file.

 

Follow these steps for your guide:

 

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ dropdown, choose an account type.
  4. In the Detail Type ▼ dropdown, select the detail type that best fits the transactions you want to track.
  5. Give your new account a name. Tip: Use the detail type description to create a name that describes what you're tracking.
  6. Add a description.
  7. Now let's ensure the account in QuickBooks matches your real-life bank or credit card account. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
  8. When you're done, select Save and Close.

 

For additional references, you can visit this article on how to set up an account under the Chart of Accounts section: Add an account to your chart of accounts in QuickBooks Online.

 

Make sure you're selecting the appropriate accounts for each part of the transaction, which should resolve the error. If you need further assistance, feel free to ask!

Rainflurry
Level 12

Loan Refinance Journal entry

@cambermgmt 

 

I have only seen that message when there is a line of the JE without an account specified.  Are you sure all lines have an account associated with them?  Can you attach screenshots of the actual JE in QBO?  

cambermgmt
Level 1

Loan Refinance Journal entry

I think I did not add one of the accounts on properly as I was just able to save the entry when I manual retyped. Thank you for you help! 

Ethel_A
QuickBooks Team

Loan Refinance Journal entry

Thank you for getting back to us, @cambermgmt.

 

I appreciate you letting us know that you have resolved the issue with your Journal entry. Don't hesitate to post here in the Community if you need further assistance with QuickBooks Online. We are always here to help. Have a great day.

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