Setting up and Recording a Short Term Loan(60 Days)

Hello there Grimayoj, 

Nice to see you in the Community. Let's start by setting up a liability account to record your loan and its payments. That should include the interest you've paid. The next step would be to record the money you got from the loan, in which the steps are linked. Then, record your loan repayment by creating a check. Next, you must select the expense account from the Category drop-down to record the interest accordingly. Let me guide you on how to do so.

1. Go to the + New button.
2. Select Check.
3. 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.
4. On the Category details section, select the liability account for the loan from the Category drop-down. Then, enter the payment amount.
5. On the second line, select the expense account for the interest and enter the amount.
6. On additional lines, add any additional fees (optional).
7. Select Save and close.

For more detailed steps, you can also refer to this article: Set up a loan in QuickBooks Online.

Let me know if you need additional assistance! I will be around. Bye for now.