Thank you for adding a post. I'm here to take care of your concern today and guide you on how to record a loan repayment in QuickBooks Online.
To get started, identify the liability account used when recording the loan. Then, set up an expense account for the BOE penalty tax if you haven't created one. You may reach out to your accountant for the appropriate account and detail types. But if it's included in the loan amount, you can record them as one.
After that, you're now ready to record the loan repayment. Here's how:
Open your QuickBooks Online (QBO) account then, click on select Check or Expense from the (+) New icon.
Add a check number if you plan to send an actual check. If you use direct withdrawal or an ETF, enter Debit or ETF in the Check # field.
On the first line, select the liability account for the loan from the Category dropdown. Then enter the payment amount.
On the second line, select the expense account for the interest (penalty) from the Category dropdown, then enter the amount.
On additional lines, add any additional fees. Select the appropriate accounts from the Category dropdown.
Once completed, click on the Save and Close button.