Good Morning KIMatJandT,
Welcome to the QuickBooks Community! I will be delighted to assist you in recording and tracking a loan in QuickBooks Online. You can set up a liability account to record the loan and its payments. This account tracks what you owe. Here's how:
- Go to Settings , then select Chart of accounts .
- Choose New to create a new account.
- From the Account Type ▼ dropdown, select Long Term Liabilities, then select Notes Payable from the Detail Type ▼ dropdown.
Please Note: if you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities Account Type ▼ dropdown, then Loan Payable from the Detail Type ▼ dropdown instead.
- Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."
From there you would have to determine the loan balance and record the loan repayments, which can be found in this detailed article below:
Please let me know if you need clarification on any of the steps! My team and I are here to help. Happy holidays!