Question about my loan

@jerrycarrion40  Answer about your loan.

Welcome to the Community, Jerry! I'm delighted to see you make your first post! Managing your loan is crucial for keeping an accurate record of what you owe. Let me share a scenario that can help clarify things for you and guide you on your next steps.

Did you recently get a loan and want to record it in QuickBooks Online (QBO)? If so, you'll first need to create and set up a liability account. Here are the steps to complete the procedure:

1. Go to Settings or the Gear icon, then select Chart of accounts.
2. Click New to add a new account.
3. From the Account Type dropdown, pick Long Term Liabilities and choose Notes Payable in the Detail Type field. Note: if you plan to pay off the loan by the end of the current fiscal year, use Other Current Liabilities as the Account Type and Loan Payable in the Detail Type instead.
4. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."
5. Hit Save.  

Right after, you'll have to determine your loan balance and record its repayment in QBO. For the comprehensive guide, please see this article: Set up a loan in QuickBooks Online.

If you're referring to something else, I’d love to get a clearer picture of the specific task you have in mind regarding your loan. To provide you with the best support, it would be great if you could share more details. This will enable me to assist you more accurately.

Moreover, you might need a loan to purchase new assets while running your business. If you're interested on how to do this in QBO, I encourage you to take a look at this article for more details: Record a loan for an asset in QuickBooks Online.

Additionally, have you had the chance to connect with our QuickBooks Live Expert Assisted team? They focus on making revenue and financial management easier for you. I highly recommend looking at what they offer, as their skills can be a great asset for your accounting needs!

It was a pleasure guiding you, Jerry! I'm looking forward to your return to the Community whenever you need support with your QuickBooks accounts and transactions. Feel free to reach out anytime. Wishing you a wonderful day ahead!