Hi there, lpurcell.
Yes, you can set up your new loan as a long term liability. For the tax-line mapping, you can reach out to your accountant on what to choose.
After recording the payments using the Transfer Funds option, we can run both account's QuickReport to check the loan balance. We can also add the Debit and Credit columns to see the decrease.
Let me show you how to pull that up:
- In your keyboard, hit Ctrl + A to open the Chart of Accounts window.
- Right-click on the loan account and select QuickReport.
- Click the Customize Report button.
- Under the Columns section, search and select Debit. Then, Credit afterwards.
- Click OK.
The customize report article will help you add or remove filters of your financial reports.
Leave a reply below if there's anything else that I can help you with. Thanks!
