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QuickBooks Team

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Let me help you record this transaction, @leebrendalee.

 

If this loan is part of your business, then you can record this as an Expense. But if not, you can have this as an Owner’s withdrawal. 

 

To record a loan payment, you must create a liability account. This liability account will record the loan and its payments. 

You can set up a liability account from the Chart of Accounts to record the loan. 

 

From here, you can put your loan money directly into your bank account by creating a journal entry. Finally, to record the loan payment, simply create a cheque from the + New button.

 

See the following article for more information about this: Set up a loan in QuickBooks Online

 

To pay an owner’s draw, you’ll just have to create an Equity account from the Chart of Accounts. Then, write a cheque from the bank account where your money will be withdrawn.

 

To create an Equity account: 

  1. Go to the Gear icon and choose Chart of Accounts.
  2. Click New and from the Account Type drop-down, choose Equity.
  3. From the Detail Type drop-down, choose Owner’s EquityEnter an opening balance.
  4. Select Save and Close.

To write a cheque from an Owner's equity account:

  1. Go to the + New button and select Cheque.
  2. Choose the bank account where your money will be withdrawn.
  3. Add all the necessary information.
  4. In the Account field, be sure to select the Owner's equity you created.
  5. Select Save and Close.

Check these articles for more information: 

I'm always here if you need more help. Have a great rest of the day!