Enter a loan in Quickbooks Online

Hello, @emilee.

Since you already recorded this transaction by following the article that you pulled up, there 's no need to accept the deposit from your bank feeds. You can exclude those transactions or disregard them to avoid duplicating the balance in your liability account in the chart of accounts. 

For your future reference, here's how to reconcile an account in QuickBooks Online: Reconcile account in QuickBooks. 

Keep me posted in the comment section down below if you have any other questions. Take care!

Thank you @Pabz_L 

When I follow the instructions on "set up a loan in Quickbooks Online" and then I match the deposit transaction in my bank feed... it's doubling the balance in my loan liability account...

So when I complete the steps and look up the liability account in my "chart of accounts," the balance is exactly double what it should be... ?? What am I doing wrong?

Hi there, @emilee. 

Thanks for coming back. I will have my colleague update his answer. 

Feel free to comment below if you have more questions. We're here to help. 

I'm sorry I'm just not getting it.....
Even if I follow the 2 steps in the article (1. set up liability account, 2. Journal entry to receive funds) I still end up with a chart of accounts balance exactly double what the loan is....Maybe I'm posting to the wrong accounts?? I used the new loan liability account (Credit) and opening balance equity (Debit) in the first step and the loan liability account (Credit) and bank account (Debit) in the second... ???

Hi there, emilee.

I suggest crediting the new loan liability account and debiting opening balance equity. Then, debit the Loan liability account and credit the bank account. I also recommend consulting an accountant for additional guidance in posting these accounts.

You can refer to this article to see a table that shows how account balances are affected by debits and credits in QuickBooks Online: How accounts are affected by debits and credits.

Please check this article on how you can view adjusting journal entries in specific reports, and customize other reports to identify adjusting journal entries: Make and view adjusting journal entries.

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.