Good day, emmalihua
Once you received a loan, you can set up a liability account to track loan and its payments. Here's how to set it up:
- From the Accounting tab, select Chart of accounts.
- Select New to create a new account.
- From the Account Type dropdown, select Long Term Liabilities.
- From the Detail Type field, select Notes Payable.
- Give it a name.
- Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
- Select Save and Close.
Afterward, you're good to record the loan. Here's an article for the detailed steps: Record the money you got from the loan.
I'm just a post-away if there's anything that I can help with processing loan. Keep safe!
