On QBO how do I enter an equipment purchase loan? There was a down payment

Hi there, @langstonconst-ci.

You need to enter the equipment purchase as an asset. Then you would set up a liability account for the amount of the loan by choosing Other Current Liabilities or Long Term Liabilities depending on the type of your loan.

Here's how:

1. Go to the Gear icon at the top left portion.
2. Under Your Company, choose Chart of Accounts.
3. On the right, click New.
4. Set the Account Type to Other Current Liabilities or Long Term Liabilities depending on the type of your loan.
5. Set the Detail Type to Loan Payable.
6. Name the account.
7. Click Save and Close.

To record the deposit to the finance company, input the check and apply it to the asset for the equipment directly. The loan would be recorded with a journal entry for the beginning loan balance credited and the asset (equipment) debited.

Then, record the loan payment to track payments and interest. Here's how: 

1. Click the Plus (+) icon.
2. Choose Check.
3. If you send an actual check, enter the check number. If you pay online, use direct withdrawal, or EFT, enter Debit or EF" in the Check/Cheque # field.
4. In the Account details area of the check, enter:

• The liability account for the loan and the amount of the payment going to the principal on line 1;
• Enter the interest expense account and amount of interest being paid on line 2. 
• If there are any additional fees, enter them and the appropriate account on the following lines.

         5. Click Save and close.

For more information you can refer to this article: Record the loan for an asset.

You can always visit our QuickBooks help website for articles that you can use moving forward: QuickBooks Support.

Please click the Reply button if you need some clarifications. I'd be glad to help. Take care and keep safe!