I can help you with recording the loan from the owner, @TLS33.
To record a loan for the purchase of assets such as a car or truck, you'll need to create a liability account.
To do this, you can simply create an account called Loan-Truck. If the loan needs to be paid in full within a year, you should set it up as a Current Liability account. However, if the loan will be repaid over more than a year, you should set it up as a Long-term Liability.
Here's how to set up a liability account for a loan:
- Go to the Gear icon (⚙) and select Chart of Accounts.
- Click on New.
- Select either Other Current Liabilities or Long-term Liabilities.
- Set an account name.
- Leave the Account Balance blank, then click Save.
Now, write a journal entry to apply the loan to the proper asset accounts:
- Go to the + New button and select Journal entry.
- For the first line under the Account column, select your new liability account and enter the amount of the loan you’re applying to the asset under the Credits column.
- For the second line, select the appropriate asset account under the Account column.
- Under the Debits column, enter the amount of the loan you’re applying to the asset.
For more information about recording loan assets and payments, check out these articles:
Tracking depreciation for fixed assets in QuickBooks Online requires manual journal entries. For detailed guidance, check out this article: Depreciate assets in QuickBooks Online.
Let me know if you need further help recording your loan and payment. I'm always here to answer them for you. Keep safe, and have a wonderful day!