QB Issue Resolution:

There is no JE to enter: “The problem I’m encountering is when entering the 2017 loan from shareholder as a JE”

 

If the Loan Proceeds went to the Bank, that is a Deposit entry; not a JE. The Payments are Check Expense entries, not JE.

 

“Since the expenses would go into 2017 books”

 

It’s not Expense.

 

When you transitioned into using QB, you should have had Trial Balance. That includes Loan, Fixed Assets basis, depreciation, Banking, and Equity data.

 

Being in debt reduces Equity. Nothing here is Expense. If you never entered the loan balance, that was an oversight for the transition into using QB. You should have:

Debit Equity and Credit Liability for the Loan Principal as of the date you left one accounting system and moved to another. It Reduces Equity and Increases the Liability account, to show what you owe has affected the health and wealth of the business.

Resolution for Issue 'Loan from shareholder in Nov. 2017, repayment in 2018. Can expense be claimed at repayment? If so, how do I enter in QB w/o affecting bank balance?' available: Yes (Solved).
Source: Intuit Community forum.

Loan from shareholder in Nov. 2017, repayment in 2018. Can expense be claimed at repayment? If so, how do I enter in QB w/o affecting bank balance?: 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 Expense
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