Loan to purchase truck

Hi there, dannyrip78.

Let me help you record the loan purchase in QuickBooks Online (QBO).

To start, you'll have to set up a liability account for the loan. Then, create a Journal entry to apply the loan to the proper asset accounts. For detailed steps, here's how: Record the loan for an asset in QuickBooks Online.

Next, record the loan payment you made using your personal funds. 

1. In the left menu, click the + New button.
2. On the first line, select the expense account for the purchase.
3. Enter the purchase amount in the Debits column.
4. On the second line, select Partner's equity or Owner's equity.
5. Enter the same purchase amount in the Credits column.
6. Select Save and close.

For the reimbursement, you have two options on recording. For more information, see this article: Pay for business expenses with personal funds.

Feel free to reach back out if you have further questions. I’m always here to answer it for you. Have a great day!

@dannyrip78 

Just so I understand, you bought the truck with cash out of the business account and now you are getting a loan for it.  And, the lender will give your business the loan proceeds.  Is that correct?

If I understand that correctly, you will need to set up a fixed asset account for the truck and a loan payable liability account.  To record the purchase of the truck, use either the Check or Expense function and assign the truck's fixed asset account to the payment.  That will add the truck as a fixed asset on your balance sheet and record the corresponding reduction in cash.  Then, record the amount received from the loan as a Deposit and assign the loan payable account to it.  That will record the loan amount and the corresponding increase in cash.  You now have the truck payment and loan deposit recorded so they can be reconciled to your bank statement and the loan payable recorded so you can make payments against it.