QB Issue Resolution:
it’s Real Equity; it didn’t need to ever be “Opening Balance” Equity, because it is a Known issue, already, and is Real Equity. Don’t use OBE ever; once the file is set up, that should be 0 if it ever got used in the first place, which you can Avoid.
You seem to have made a New Account and also Given it a Value.
You “made a loan” by entering a value out of Thin Air = you created that $30,000 out of Nothing. What you really have in Something in Real life. that’s what you overlooked. Example:
You bought $45,000 Equipment’ You took $15,000 from Checking and signed a loan for $30,000.
What your data should show is New Fixed Asset with a Cost Basis of $45,000. One portion is from Checking and one portion is From Loan. There is no OBE here.
For new banking, it’s the same: never put an opening Balance when making the new account. Make the new account. Then enter your first deposit entry. Now you controlled the data flow.
So, did you forget about the Asset side of this activity?
Resolution for Issue 'How do you account for a loan without throwing off Opening Balance Equity?' available: Yes (Solved).
Source: Intuit Community forum.
How do you account for a loan without throwing off Opening Balance Equity?: 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 Account
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