How do I enter an EIDL Loan in QB, and then Track Expenses The Loan Proceeds were spent on, like rent etc.

Create an Other Income account called EIDL loan and use that account as the source account for the deposit.

Create an expense account called EIDL exp.
Then create subaccounts to the EIDL exp account for your expenses and use them.

Check at year end to determine if some or all of the loan is going to be tax free. If it is then the expenses paid with that loan can not be used in your financial reporting either

Im sorry but can you give me the steps to do that? Where do I create this account exactly?

I'll make sure that you can set up an EIDL loan, JonBoy1.

I have the steps here to create an account in QuickBooks Online(QBO).

As mentioned by Rustler, you can create an income and expense account to track your EIDL loan expenses. I'll show you how.

Here's how to create an income account:

1. Go to the Accounting menu.
2. Select Chart of Accounts.
3. Click New.
4. In the Account Type dropdown, scroll down and choose Other Income.
5. Enter the desired name that you'll easily recognize, like an EIDL loan.
6. Once done, hit Save and Close.

These are the steps to create an expense account:

1. Go to the Accounting menu.
2. Select Chart of Accounts.
3. Click New.
4. In the Account Type dropdown, choose Expense.
5. Enter the desired name.
6. Click Save and Close.

That should be it. Use the income account for your deposit. Then, the expense account to record the transaction for your expenses.

For further reference, you can check this resource to set up the loan and record its payments: Set up a loan in QuickBooks Online.

Adding this helpful material if you need help connecting your bank in QuickBooks: Connect bank and credit card accounts to QuickBooks Online.

Let me know if you need some details and guides to track your loan. I'll be back as soon as possible. Take care!

Thanks for breaking it down for me. Regarding: "the expense account to record the transaction for your expenses." How do I do that with each expense that comes in? In other words, when I go to my banking transactions do assign the bill payments in that page?  How do I assign the particular expenses (rent, phone bill) to that EIDL account? I don't see the option in the banking tab. Maybe I am in the wrong page. 

Let me share with you some insights on how you can match and categorize transactions in QuickBooks, @JonBoy1.

After you connect your bank and credit card accounts QuickBooks automatically downloads the latest transactions. It looks for and tries to match them with transactions you've already entered into QuickBooks. 

You can use the Find Match tool and turn on Suggested Matches to see options that might match. Or, you can use filters/searches to locate transactions. Here's how:

1. From the Banking menu, select Banking and go to the For review tab.
2. Click the transaction and select Find match. If you can't find the match, click Find other matches.
3. Turn on the Suggested Matches button. Then, look for the match transactions and check their boxes. 
4. Select Save.

If you haven't added the transaction yet, you can add transactions manually while you're working in your account register. This saves time if you're reviewing your chart of accounts and need to make a quick addition. Here's how to manually add transactions to an account register.

1. Go to the Accounting menu and select Chart of Accounts.
2. Find the account register you want to review. If you're new to QuickBooks, select See your Chart of Accounts first.
3. Select View register from the Actions column.

In addition, here's an article you can read to learn more about managing your downloaded transactions and uploaded receipts: 

• Categorize and match online bank transactions in QuickBooks Online
• Tips for Working in QuickBooks Online’s Bank Feeds: Matching Transactions.

Don't hesitate to comment below if you have other concerns in matching your transactions in QuickBooks. I'm always ready to help.

Thank you! I think I made quite a few mistakes already creating accounts etc. I notice I can not delete these things, only make inactive. 

Is there a way to reset and start fresh? 

Thanks for keeping us posted, @JonBoy1.

I'd be glad to help you keep your chart of accounts simple and organized.

If you don't plan to use an account anymore, you can make it inactive. This essentially deletes it. Here's how to do it:

1. Go to Settings ⚙ and select Chart of accounts.
2. Find the account you want to delete.
3. Select the Action ▼ dropdown and select Make inactive.

For further guidance, refer to this article: Delete an account on your chart of accounts in QuickBooks Online.

You can try to press the F5 key, this works for all browsers and acts as a shortcut key to refresh the currently active window if you can't still inactive your account.

Keep me posted if you have other questions about navigating around QuickBooks. I'm always here to help.

Sorry for all the questions, I am very new to QB and my business is 10 years old. So I think the problem is 10 years of bank info has been imported an thats making it very difficult to get a handle on. My tax year is October 31 to Nov 1. If there a way to delete all the info prior to October 31 2020 as I don't need to balance those records. 

Welcome back to the Community, @JonBoy1.

Let me provide some information about deleting bank transactions in QuickBooks Online.

QuickBooks Online only allows you to delete entries in bulk. You need to exclude the uploaded transaction first before you can delete it in the system.

To exclude, here's how:

1. Go to the Banking menu, then choose the Banking tab.
2. Scroll down to select the For Review tab.
3. Select the checkboxes of the transactions to exclude.
4. Click the Batch actions drop-down button, then choose Exclude Selected.

Once done, it will be transferred on the Excluded tab on the banking page. From there, you can select the transaction by putting a check mark beside them, then select Delete on the Batch actions button.

If you're referring to other bank transactions in the register, deleting them in bulk isn't available. This needs to be done one at a time.

Here's how:

1. Go to Accounting and then select Chart of accounts.
2. Look for the bank in question, then select View register.
3. Filter the transactions ( Reconcile Status, Transaction Type, Payee, and Date).
4. Click the recorded transaction and then select Delete.
5. Hit Yes to confirm the process and ensure they are taken out successfully.

You may also consider checking a third-party application that integrates and can help you in deleting the entries in batch.

Lastly, here's a link that you can visit to guide you in navigating QuickBooks together with its great features: Getting Started With QuickBooks Online.

I'm just here right in the corner if you need further help with managing your bank transactions in QBO. Take care!

Hi. How do I create sub accounts to the EIDL expense account to track the category of the expense such as supplies, lease payment

Hi jet5!

It's easy to  set up an account in QuickBooks Online. Let me show you how to create one.

Please follow these steps in setting up a sub-account:

1. Go to the Accounting menu and select Chart of Accounts.
2. Click New. In the Account Type dropdown, choose Expense and select a Detail Type
3. Enter the desired name. 
4. Select Is sub-account checkbox, then enter the parent account.
5. Tap Save and Close.

Also, I've added these links you can check to learn more ways to organize your accounts:

• Delete an account on your Chart of Accounts you no longer use
• Add an account to your Chart of Accounts in QuickBooks Online
• Use account numbers in your Chart of Accounts

Comment again here if you need more assistance with this. Take care!

To create an EIDL expense account, you say "Scroll down to expense". But I don't option. I see "Expenses", and "other expenses", both of which ask for a "Detail Type". 

I'm lost. 

Jumping in to provide details about the option you're seeing while creating an Expense account, Marshal Dudley.

Your QuickBooks account is using the new interface. That's why you are seeing the Expenses option. Choose it for the Account type and fill in other fields, then click Save. I've attached a sample screenshot below as a visual reference.

You can add more accounts anytime you need to track other types of transactions. Use this article to learn how to manually do it: Add an account to your chart of accounts in QuickBooks Online.

To ensure you're tracking EIDL loans correctly in QuickBooks, you may visit again this link: Learn how to record a loan in QuickBooks Online. It provides instructions and detailed steps.

You may also consult an accountant to ensure the loan and its payments are tracked correctly. If you don't have an accountant, you can find one through this page: https://quickbooks.intuit.com/find-an-accountant/.

I want to make sure that you're able to create an Expense account. Post again to this thread if you need more help with this. I'm always here ready to lend a hand. Keep safe always!