Good day, dr-bjarnason!
How did you record the loan payment and its payment? In QuickBooks Online, to record a loan of the company, you must set up a liability account for the loan. Then, you can use a journal entry to record the loan amount and all payments for the loan using a check.
You already have created a liability account so the next step is to create a journal entry for the loan.
- Select + New.
- Under Other, select Journal Entry.
- Enter the amount of the loan and log the proper amounts to the appropriate expense accounts. For example, the Liability/Loan account is increased or credited, while the appropriate expense accounts are decreased, or debited.
- Ensure both the credit and debit sides are equal fore you click Save and close.
To record the loan payments:
- Select + New and select Check.
- From the Account drop-down, select the liability account you created for this loan.
- Enter the amount of the payment.
- Select Save and close.
Feel free to use this link about the process I shared above: Set up a loan in QuickBooks Online.
I also recommend reaching out to an accountant so they can advise which expense account to use so we won't mess up your books.
I'm always here if you have any other questions. Take care!
