I'll help you record the payment for the loan, @swainentllc.

Once you have set up the liability account, you can apply the first payment for the loan by creating a check.

Here's how:

1. Select + New and then create a Check.
2. From the Account drop-down list, select the liability account you created for this loan.
3. Enter the Amount of the payment.
4. Hit Save and close.

With this, the asset will stay the same and the liability will be reduced based on the payment you've entered into the system.

Additionally, you can visit our Community page to boost your navigation experiences such as recording income and expenses: Help Topics.

If you have other concerns with recording transactions, let me know. I'll take care of it. Enjoy your day!