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I need to add a journal entry to fix the balance of a loan in my boses QB online. Basically I have to add let's just say $1,000 to the current balance. Can someone please help me through making this journal entry?
It's great to have you here in the Community Space, NeeNee2022.
Let us first create a liability account to record a loan for the purchase of new assets. To begin:
Once done, let's create a Journal Entry to apply the loan to the proper asset account and make the accounts balanced. Here's how:
To further guide you with the complete accounting process, I'd recommend consulting your accountant to know the best way to set up and balance your journal entries.
You may check out this article to help you guide with the detailed steps mentioned above: Set up a loan in QuickBooks Online.
Moreover, if you wish to track the depreciation of your assets using journal entries, I've added this article to know how to record them manually: Depreciate assets in QuickBooks Online.
If you require further assistance balancing loan amounts in QuickBooks, feel free to get back to this thread. The Community is here to help. Stay safe!
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