How do I show that a dealership paid off one of my loans?

Hello there, @craftlandwo. Now that I'm here, I'll ensure you can get through this and proceed to pay a loan in QuickBooks Online (QBO).

To pay a loan in QBO, you'll need to set up a liability account so you can record the loan. I'll input the steps below so you can proceed. To begin, here's how:

1. Go to the Gear Icon, then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type ▼ dropdown, select Long Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
4. From the Detail Type ▼ dropdown ▼ dropdown, select Notes Payable.
5. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."
6. Choose when you want to start tracking your finances. In the Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
7. Select Save and Close.

Once done, you'll want to create a journal entry to track, and  then write a check to record the loan repayment. For this process, you can refer to this article for further guidelines on how to pay a loan in QBO: Set up a loan in QuickBooks Online.

I also suggest seeking your accountant's advice since the loan was paid by a dealership. This way, they can provide you other options or best actions to take to handle this scenario.

In case you don't have an accountant, I can help you find one. Visit this page to get yourself a business consultant: Find a ProAdvisor for your business.

Additionally, see this article to learn about how to invite an accountant in QBO: Invite an accountant to review your books in QuickBooks Online.

You can also refer to this article in case you'd want to reconcile an account in QBO: Reconcile an account in QuickBooks Online.

Our door is open 24/7 if you need further assistance managing your loans in QuickBooks, @craftlandwo. You can also post here again if you have any additional QuickBooks-related concerns. Rest assured, you can count on us to help you anytime. Take care, and have a great weekend!