QB Issue Resolution:

Welcome to QuickBooks Community, hwall.

I’ve got steps on how we can switch this to a long term liability. Please follow the steps below:

  1. From the Accounting tab, select Chart of Accounts.
  2. Locate the account type where you’ve set up incorrectly.
  3. Click the drop-down arrow besides View register.
  4. Select Edit.
  5. In the Account Type, make it to a Long Term Liabilities account.
  6. In the Detail Type, select Other Long Term Liabilities.
  7. In the Name field, you may enter Long Term Liability/ies.
  8. Click Save and Close.

I’d also recommend reaching out to your accountant to make sure this is best for your business and proper recording is applied to your books to avoid messing them up.

Resolution for Issue 'Hi. I am an accounting/bookkeeping newbie. When I set up my the business in quickbooks a year ago, I added the loan from the owner’s to the owner’s equity accounts instead of making it a Long Term Liability (it is a loan not an investment). How do I fix this? Thank you!' available: Yes (Solved).
Source: Intuit Community forum.

Hi. I am an accounting/bookkeeping newbie. When I set up my the business in quickbooks a year ago, I added the loan from the owner’s to the owner’s equity accounts instead of making it a Long Term Liability (it is a loan not an investment). How do I fix this? Thank you!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Chart of Accounts
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!

Error Recovery for Chart of Accounts [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.

Get 50% off Quickbooks Online

Click Here for 50% off!

Additional Support Options: