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Join nowOur balance sheet has a loan of $5386.14 owed to a person who died 6 years ago. Correct way to remove this loan from our balance sheet. This "was" a partner in an LLC who put monies in as a "loan".
We are using QB Desktop Pro 2019
Thanks for the help. Jane
Hi there, Jane.
I've got some insights to share about how you can remove the loan from your balance sheet.
Creating a journal entry can help remove the amount owed from your balance sheet. However, to ensure the best course of action for your business, I'd recommend reaching out to your accountant. They'll be able to guide you on what's the best thing to do when it comes to old entries in QuickBooks.
Once verified, you can follow these steps below to create a journal entry:
For more details on how to manage your journal entry transactions, you can check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This contains steps on how to edit, reverse, and delete the entry.
I'm also adding this reference that can help you fix Balance Sheet reports issues in QBDT: Advanced troubleshooting for balance sheets out of balance.
Know that I'll be around to assist you if there's anything else that you need with QuickBooks, Jane. Have a good one!
Are you legally required to repay the loan or has the former partner's estate forgiven the loan?
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