Hi mike-biochemit
If you would like to account for a bank loan you would:
select accounting > chart of accounts > new > account type will be current liabilities, if the amount is to be paid back within 12 months, if not Non current liabilities> in the detail type select current liabilities, if the amount is to be paid back within 12 months, if not long term borrowings > enter a name e.g. Bank loan > save and close.
When you receive the amount into your account you will:
create a bank deposit; select New+ > bank deposit > in the account field in the top left ensure you have selected the bank that the amount was received to and the corresponding date in the date field > in the received from column, within the 'add funds to this deposit' section, enter the name of the bank, however this is not mandatory > in the account column select the liability account and in the amount column enter the amount that was received > in the amounts are field select No VAT.
When you pay the amount back, or a proportion to the bank/it is deducted from your account you will:
create an expense; select the New+ icon > expense > Enter/create the bank in the payee field > in the payment account select the bank account the amount is being paid from > in the date field select the date the amount was debited from your account > in the category column enter the liability account you created earlier > enter the amount of the loan in the amount column > in the amounts are field select No VAT > save and close