I'd like to set up a loan in QuickBooks online. However, in the Help ("Set up a loan in QuickBooks Online"), the instructions don't follow what I'm seeing in QuickBooks.
For example, it says "select Long Term Liabilities" but this option isn't available in the version I'm seeing online.
Which option should I choose? This is a personal loan from a family member to help set up the business, to be paid back over more than one year. I've chosen "Current liabilities" and entered -1,000€ as the amount I've been loaned. Is this correct?
So, I've tried to enter a payment against the loan, following the same Help article (Step 3: Record a loan payment). Now, when I check in my Chart of Accounts, the loan has increased, from -1,000€ (the original amount) to -1,250€. Clearly this amount is incorrect as the outstanding loan should be 750€ (I'm not sure whether this should be displayed as a negetive or positive figure).
Any help on these matters would be greatly appreciated!