For setting up the loan in QuickBooks Online, you need to first set up the liability account for recording the loan and its payments. See the steps to set up the liability account:
• Go to Settings > Chart of Accounts > New
• Choose Non-Current Liabilities, if you are planning to pay the loan by the end of the financial year otherwise select Current Liabilities from the dropdown list of ‘Account Type.’
• Select Notes Payable option from ‘Detail Type’ dropdown.
• Give that account a relevant name so that you can know what the loan is about.
• Then choose from when you want to start tracking your finances and enter the amount in the Balance field and enter the as of date.
• Save and close it.
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Read more: - How to Set Up a Loan in QuickBooks Online