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Farm10
February 10, 2026
Solved

Bank feed set up for new loan

  • February 10, 2026
  • 7 replies
  • 108 views

We need to add a new farm loan to QBO. Funds will be used for operating cost and will not be tied to the purchase of a new asset. The net deposit is in bank feeds, but it does not reflect the loan and title fees. I do not want to duplicate the transaction if it is already in bank feeds by adding a journal entry from scratch. Please help! What is the best way to add loan amount without duplicating what is in bank feed transactions. Can I add loan fees to long term liability straight from bank feed without having to do a journal entry?

(For example, say loan was $55k and loan and title fees were $5k. Net deposit in feeds is $50k). I have not used the matching feature before.

Best answer by Rainflurry

@Farm10 

 

Create an 'Other Current Liabilities' account called Loan Payable XYZ Bank. 

 

Assign the $50K net deposit to that account.  At this point, you have a $50K deposit into your bank account and $50K in the loan payable account. 

 

Then, create a $0 Expense transaction (Create > Expense).  Select XYZ Bank as the payee.  List $5K in title fees on line 1 (use more if the $5K falls into more than one expense category).  On line 2, enter the newly-created loan payable account and list -$5K as the amount.  The expense transaction should net to $0. 

 

You should now show the loan payable balance as $55K, $5K in title fees expense on your P&L, and still show the $50K in your bank account.  You should be good to go.

7 replies

J
JeveeAdvin_laQuickBooks Team
QuickBooks Team
February 10, 2026

Hi there, Farm10. To add a new loan and its associated fees in QuickBooks Online (QBO) without duplicating transactions, you can create a check or create a Journal Entry to accurately record the full loan amount, the fee expense, and the net deposit.

 

The reason why we need to create a Journal Entry is that the bank feed only shows the $50k net deposit that actually hit your bank account, but your liability needs to reflect the full $55k you owe the lender. It captures the complete transaction. The $55k borrowed, the $5k in fees that were deducted, and reconcile it with the $50k cash you received.

 

Yes, we can add loan fees to Long-Term Liability by creating a check and categorizing the fees under Loan Payable. This ensures accurate accounting for the fees without duplicating bank feed transactions.




If you haven't set up a loan in QuickBooks Online, refer to this article: Set up a loan in QuickBooks Online.

 

For best assistance, I recommend consulting with your accountant to ensure the loan and associated fees are recorded accurately and comply with accounting standards.

 

If you have any additional concerns, please share them with us.

 

    F
    Farm10Author
    February 10, 2026

    Hi JeveeAdvin la,

     
    Will you please provide step by step instructions to add the beginning balance of new loan? What is the method to do it by journal entry and match with deposit? I need the best beginner level way to add loan, record beg balance, log fees, and reconcile the net payment in bank feeds.  
     
    Since the company did not write an official check for the loan fees this would not be reflected as a debit in checking account. The fees were paid at closing and we were issued a check for the net amount. 

    Thank you,
    Farm 10
    Clark_B
    Clark_BQuickBooks Team
    QuickBooks Team
    February 10, 2026

    Hello there, @FARM 10. Yes, if this is a new loan deposited into your bank account, the opening balance should be $0.

     

    Before proceeding with the steps below, I recommend consulting your accountant, as this may impact your financial records. If you haven’t yet created an account for the loan, follow these steps:

     

    1. Go to the Accounting menu and select Chart of Accounts.
    2. Select New to create a new account.
    3. From the Account Type dropdown:
    • If you aren’t paying off this loan within the fiscal year, create a Long Term Liabilities account with the Notes Payable detail type.
    • If you’re paying off this loan by the end of the fiscal year, create an Other Current Liabilities account with the Loan Payable detail type.

           4. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."

     

    To add a beginning balance, here’s how:

     

    1. In the loan account, enter the loan's Opening Balance and the starting date for tracking.
    2. If this is a new loan that has just been deposited into your bank account, leave the Opening Balance as US $0.
    3. For loans that have already been partially paid, enter the account balance as of your desired tracking date. You'll also need to create an additional journal entry to record the deposit.
    4. Click Save.

     

    For your reference in setting it up, check this article: Set up a loan in QBO.

     

    Regarding your second question about handling the journal entry and matching it with the deposit, could you clarify what you mean? If you're referring to matching the deposit and journal entry, check this article: Match your bank and credit card transactions.

     

    However, if you’re referring to creating a journal entry for the deposit when you’ve added a loan with a balance other than $0 and your bank feed displays the loan deposit amount, you’ll need to record the deposit with an additional journal entry. Here’s how:

     

    1. Select + New and choose Journal Entry.
    2. In the Account field, select the liability account. Enter the loan’s opening balance amount in the Debit column to reduce the balance.
    3. Select Opening Balance Equity as the account and input the same amount in the Credit column to balance the transaction in your chart of accounts.
      • Check the amounts. You should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are balanced.
    4. Add a note or reason for creating the journal entry in the Memo section.
    5. Click Save and Close.

     

    I’ll add this article when you start reconciling your accounts, so they always match your bank and credit card statements: Reconcile an account in QBO.

     

    We’re always here to help you if you have any other concerns.

      Rainflurry
      RainflurryAnswer
      Level 11
      February 12, 2026

      @Farm10 

       

      Create an 'Other Current Liabilities' account called Loan Payable XYZ Bank. 

       

      Assign the $50K net deposit to that account.  At this point, you have a $50K deposit into your bank account and $50K in the loan payable account. 

       

      Then, create a $0 Expense transaction (Create > Expense).  Select XYZ Bank as the payee.  List $5K in title fees on line 1 (use more if the $5K falls into more than one expense category).  On line 2, enter the newly-created loan payable account and list -$5K as the amount.  The expense transaction should net to $0. 

       

      You should now show the loan payable balance as $55K, $5K in title fees expense on your P&L, and still show the $50K in your bank account.  You should be good to go.

      Rainflurry
      Rainflurry
      Level 11
      February 12, 2026

      @Farm10 

       

      Forgot to mention - leave the opening balance as $0 when you create the loan payable liability account.  

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