How to put in a loan in quickbooks

Welcome to the Community, @jamesacuna. Let me help you enter the covid relief loan in QuickBooks Online (QBO).

Make sure to set up a liability account to record the loan and its payments to track what you owe.

Here's how:

1. Go to Settings ⚙ and then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type ▼ dropdown, select Non-current liabilities. Note: If you plan to pay off the loan by the end of the current financial year, select Current liabilities instead.
4. From the Detail Type, select Notes Payable (or Loan Payable).
5. Give the account a relevant name, like "Covid-19 relief loan."
6. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
7. Select Save and close.

Then follow Step 2 from this article to record the money you got from the loan and Step 3 to record the loan repayment: Set up a loan in QuickBooks Online.

I also suggest contacting your accountant to help you review the accounts. You can also find an accountant by clicking on this link: Find an accountant.

You might also want to visit our QuickBooks Online learning guides for tutorials and webinars about the product.

I'll be right here if you have further questions in regards to setting up a loan. Keep safe and have a good one!