How to record loan payoff and refinance

Welcome to the Community, @reponzamaxwell.

Let me guide you on how to close an old loan and re-open another one in QuickBooks Online (QBO).

To start with, let’s create a liability account so we can record a new loan in your QuickBooks company file. Here’s how:

1. From the left navigation pane, select the Accounting menu and click Chart of Accounts.
2. Press the New button to create a new account.
3. Click the dropdown menu under Save account under, and select Long Term Liabilities. However, if you want to repay the loan by the conclusion of the current fiscal year, select Other Current Liabilities instead.
4. From the Tax form section, select Notes Payable.
5. Enter a relevant Account Name for this account.
6. Under Opening balance and Date, enter the amount and determine the date. Then click Save.

Once done, you can add a payment to this account each time you want to make a loan payment.

Refer to the following article for more information about setting up your accounts to track the loan and payments in QBO: Set up a loan in QuickBooks Online.

I added this article for your reference when puling up reports in QBO: Run reports in QuickBooks Online

Let me know if there's anything that I can help in recording loans and or anything else, by leaving a reply below. Take care and have a great rest of the day!