Long term liability

Hi there, Swalker90.

Thanks for posting in the Community, I'm happy to help. If you already have a liability account set up you can record the purchases made with the personal card as a loan payment. Follow these steps to set it up:

1. Go to the Banking menu, then select Write Checks.
2. Select the Bank Account you want to use to pay the loan.
3. Verify the Check NO. and Date.
4. In the Pay to the Order of field, select the name of the bank.
5. In the Expenses tab:
   1. On the first line, select the liability account you created in Step 1. Then enter the payment for the principal amount.
   2. On the second line, select the interest expense account. Then enter the payment for the loan interest.
6. (Optional) Memorize the check if you want QuickBooks to automatically enter the payment at regular intervals.
   1. Select Memorize.
   2. Fill out the fields as needed.
   3. Select OK.
7. When you’re done, select Save & Close.

You can find these steps and much more information on the topic at this link: Manually track loans in QuickBooks Desktop. 

If you have any other questions or concerns, in the meantime, feel free to post here. Thank you and have a nice afternoon. 

Thank you for your help! Since it is a person card that we use, do I need to creat a fake bank account to use? I am just stumped because they are purchases we’ve made from our personal account.

Let me give you information about this, Swalker90.

We recommend not to mix business and personal funds. Although, we know this happens sometimes. However, I suggest reaching out to your accountant for the best way on how you can do it. 

Also, the IRS recommends opening business-only banking accounts for any new business. You'll also want to make your checking and credit card account business-only accounts. 

I've added some helpful articles in case you have questions about QuickBooks: Reports And Accounting.

Feel free to let us know if you need anything else. I'll be here to help.