Well, if you deposit money from an external source, such as a bank account that is not part of the company, it will either impact the balance sheet or the income statement/P&L.
If it's a loan or if the owner contributed it, then it impacts the balance sheet - either as a liability or as equity, respectively.
If it's income, then it impacts the P&L.
So, to remove the loan from the balance sheet, make an entry in the loan's register to negate the balance and use a non-balance sheet account (a P&L account) as the offsetting account.