Properly recording the purchase of a business as a loan

I've got you covered, @BRKM. Let me guide you on how to record the loan and its repayments in QuickBooks Online.

First, you'll need to create a liability account to record the loan and keep track of what you owe. Here are the steps you need to follow:

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. If you plan to pay off the loan by the end of the fiscal year, select Other Current Liabilities instead.
4. From the Detail Type ▼ dropdown ▼ dropdown, select Notes Payable.
5. Give the account a relevant name.
6. In the Opening Balance field, enter the amount in the account and determine the as-of-date. Enter today's date if you like to start tracking immediately.
7. Select Save and Close.

Then, you can follow Steps 2 and 3 of this article for the step-by-step process on how to determine the loan balance and record the loan repayments: Set up a loan in QuickBooks Online.

Additionally, it's advisable to consult with a financial professional for specific guidance on the entire process tailored to your business's needs. If you don't have one, you can find an expert who can help you handle your finances on this page: Find a QuickBooks ProAdvisor.

Moreover, you can run different financial reports if you want an overview of your finances in QuickBooks Online.

You can also customize the report to personalize your reports and memorize it to save its current customization settings for future quick access.

I'm just around the corner if you have additional questions when setting up a loan or any other QuickBooks concerns. I'm always willing to lend you a hand so you can achieve your goals. Have a good day!