Can i do an advance pay loan

@hhsllc87  Yes.

Yes, Hhsllc87. 

If you haven't set up a liability account, you need to do so to record the loan. Here's how:

1. Open your QuickBooks Online account.
2. Go to Settings , then select Chart of accounts.
3. Click the New button to create a new account.
4. From the Account Type ▼ dropdown, select Long Term Liabilities, then select Notes Payable from the Detail Type ▼ dropdown.
5. 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.
6. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."

After that, we need to record a repayment to pay back the loan. Here's how:

1. Go to the + New button.
2. Select Check.
3. Enter the necessary details.
4. Add a check number if you plan to send an actual check. If you use direct withdrawal or an EFT, enter Debit or EFT in the Check no. field.
5. From the Category details section,  select the liability account for the loan from the Category dropdown. Then enter the payment amount.
6. On the second line, select the expense account for the interest from the Category dropdown. Then enter the interest amount.
7. Once done, hit Save and Close.

You can refer to this article for more information: Set up a loan in QuickBooks Online.

Moreover, QuickBooks payroll allows you to set up direct deposit and remove the hassle of paying employees with paper checks. Feel free to read this article for more info: Set up your company payroll for direct deposit.

I'm all ears if you have more questions or concerns about managing loan advances or other QuickBooks concerns. Just leave a reply below, and I'd be glad to assist you further.