I can help you record a long term loan in QuickBooks Online (QBO), Sahm.
The Long Term Liability account is not automatically set up in QBO. You'll need to manually create in the Chart of Accounts to track loaned amount depending on how long you'll pay them.
You can use the Long-term debt type to track loans and obligations with a maturity of longer than one year. You can also use the Notes payable type to track the amounts your business owes in long-term (over twelve months) loans. If you don't know which Detail Type you'll need to use, I'd suggest contacting your accountant about this one.
Here's how you set up a business loan:
For more details about creating a new account, you can check out this article: https://community.intuit.com/articles/1876266.
Thanks for the answer.
But I do not have Non-current liabilities, I have (Accrued non-current liabilities), is it the same ?
I also have Long Term Debt, is it the same as long term liability ?
Hello there, angho721.
For QuickBooks Self-Employed, the option is to categorize the transaction and sort it to Personal or Business type. A way to create accounts is unavailable. You can subscribe to our QuickBooks Online plan for us to do that. Our QuickBooks plans are base on the IRS requirements for the type of business our customers have.
I'm just here if you need more help. Take care!