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I am guessing you entered the liabilty account usiang the begining balance feature.  That was the error.  Delete that transaction and instead create a journal entry for the purchase.  you should expense the equipment out as an asset and the other side of the JE will be the liability account (creating the beginig balance).  It still will not show up on your p&l b/c it is an assest but, if you provide a copy of the note to your CPA they will write it off on your taxes.  


Also, keep in mind you do not usually deduct total total amount you pay for an asset off when you purchase it.  Anything over a certin amount needs to be deperciated on your tax return over several years (we are a C Corp - so anything over $500). 


However, for 2017 you can actually deduct the entire purchase or half of it you paid if you would like - just mention it to your CPA and discuss your options.  *A lot of us are taking advantage of the exception congress has given while it is still here.  In 2017 you could have purchased a truck on a 5 year loan and written off the entire blance all that year - of course this increases your profits for later years when you make the payments and do not get to write off the expense, but it has worked in stimulating the ecomomy.


Hope this helps. 

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