Loan Repayment Transactions

I've got you, @Aria Wittenberg. I can help you choose what specific category you can use in recording your loan repayment in QuickBooks. 

I'll make sure that you can record your repayment transactions accordingly in your account. Below is the step-by-step procedure on how to track loans in QuickBooks Online. 

If you don't have a liability account set up in your account yet, I'd recommend creating it first. This way, we can track your loan repayment transactions accordingly. 

You can do the following:

1. Go to the Accounting tab on the left side, then choose Chart of Accounts. 
2. Click the New button.
3. In the Account Type drop-down, pick either Long Term Liabilities or Current Liabilities (pay off by the end of the current fiscal year).
4. Select Loan Payable in the Detail Type field. 
5. Type a unique name in the box. 
6. Click Save and close. 

After that, create a Journal Entry to record the money you got from the loan. I'll show you how: 

1. Go to the +New and select Journal entry.
2. Select the liability account you just created from the Account drop-down and enter the loan amount in the Credits column.
3. Select the appropriate bank account from the box and type the amount in the Debit field. 
4. Click Save and close. 

Once done, you may now record the repayment by creating a check. Do the following: 

1. Go to the + New and select Check. 
2. In the Category drop-down, choose the liability account you previously created. 
3. Enter the payment amount in the field.
4. Pick the expense account for the interest from the Category drop-down and enter the amount.
5. You can add another line if you want to record any additional fees. 
6. Click Save and close. 

See this article for the complete steps: Set up a loan in QuickBooks Online.

On top of that, I'd suggest consulting an accountant as well. They can review your business needs and guide you what specific category to use. Also, they maybe have other ways to record the loan repayment that meets your business needs. 

Once everything is in place, you can always run the quick loan report by going to the Chart of Accounts page. This way, you can review the transactions with the remaining balance. Refer to the example screenshot below for guidance.

I've also added articles about managing vendor transactions, information, and related topics. 

• Track customer loans
• Manage Vendors and Expenses

If you have a question about QuickBooks, feel free to ask me. I'm an open book that is willing to help you anytime. Keep safe, Aria Wittenberg.