How do I add an existing loan to QB online? The loan was taken out and spent before I started using QB online on July 1st.

Good day, trish-everything.

I'll show you how to add an existing loan in QuickBooks Online (QBO).

The first step would be to setup a liability account. You will use this to record the loan.

Here's how:

1. Go to Settings, then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type dropdown, select Long Term Liabilities.
4. From the Detail Type dropdown dropdown, select Notes Payable.
5. Fill in the necessary information.
6. Select Save and Close.

Once done,  you can record the money you got from the loan. Below are the steps on how to do it:

1. Go to + New.
2. Select Journal entry.
3. On the first line, select the liability account you just created from the Account dropdown. Enter the loan amount in the Credits column.
4. On the second line, select your bank account from the Account dropdown. Enter the same loan amount in the Debits column.
5. When you're done, select Save and close.

Learn more about the detailed process of managing loans in QBO through this article: Set up a loan in QuickBooks Online.

To help you with future tasks and tips when using QBO, you might want to visit our Help Articles.

Get back to me if you need help while working with loans or anything about QuickBooks. I'd be happy to assist. Enjoy the rest of the day!