How do I enter a loan repayment?Do I create a bill each week for it, or is there some other way?

Good day, sdpawsey.

I'd be glad to assist you in recording your loan repayment within QuickBooks Online (QBO).

To record this transaction, all you need to do is to create a check. Before we get started, let's ensure that we follow these steps to ensure it's posted to the correct accounts.

First, let's set up a liability account to track the loan and its payments. This account will keep a record of what you owe. Here's how:

1. Go to Settings ⚙, then select Chart of Accounts.
2. Click New to create a new account.
3. From the Account Type drop-down menu, choose Long Term Liabilities.
4. In the Detail Type drop-down list, select Notes Payable.
5. Give the account a relevant name.
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. Click Save and Close.

Once done, proceed to step two of this article to record the money you received from the loan: How to record the money you got from the loan.

Finally, to record a loan repayment, you can create a check using these steps:

1. Select + New and click Check. 
2. Add a check number if you plan to send an actual check. If you use direct withdrawal or an EFT, enter Debit or EFT in the Check no. field.
3. Enter the following in the Category details section of the check: On the first line, choose the liability account for the loan from the Category drop-down list. Then, enter the payment amount. On the second line, select the expense account for the interest from the Category drop-down and enter the interest amount.
4. On additional lines, add any additional fees. Select the appropriate accounts from the Category drop-down.
5. When you're done, click Save and close.

Please keep in mind that before following these steps, let's ensure that you're viewing QuickBooks in Accountant view.

Additionally, you can explore these articles for guidance on handling various loan-related concerns in the future:

• How to record a company loan from a company officer or owner
• Record the loan for an asset in QBO