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Hi there, EPS2019,

Let me provide the steps on how to set up and categorize a bank loan and record its payment.

You need to manually record the loan payable in QuickBooks Online. To do so, please follow the steps outlined below for your guidance.

Step 1: Create a liability account for the loan payable.

1. Click the Gear ⚙ icon at the right top.
2. Select Chart of Accounts under Your Company.
   
3. Click New.
   
4. Select Long Term Liabilities from the Account Type ▼ drop-down. 
5. If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liability.
6. Pick Notes Payable from the Detail Type ▼ drop-down.
7. Provide a unique name.
8. Enter a full negative loan amount and its date since the future payments to the bank are liabilities of the business.
9. Click Save and close.
   

Step 2: Record the money you got from the loan.

1. Click the + New button from the left navigation bar.
2. Choose Journal Entry under Other.
3. Provide the journal date and number.
4. Enter the liability account created above on the first line. Then, enter the amount in the Credits field.
5. Enter the asset account on the second line. Then, enter the amount in the Debits field.
6. Click Save and close.
   

The money is an asset to your business.  To pay and amortize the debt of an asset, check this out: Amortization schedule in QuickBooks Online. It provides instructions and detailed steps for your guidance.

Step 3. Record a loan payment.

1. Click the + New button from the left navigation bar.
2. Select Check under Vendors.
3. Enter the name of the payee. 
4. Enter Debit or EF in the check field for direct withdrawal.
5. Provide the following information in the Category Details section:
       * First line: Liability account for the loan and the amount of payment.
       * Second Line: Expense account for the interest and the amount.
       * Succeeding lines: Any additional fees along with the appropriate accounts.
6. Click Save and close.

Upon sharing this solution, I still suggest consulting with your accountant. He/She might have specific instructions on how to handle a truck loan.

If there's anything else you need, please leave a comment below. I'd be happy to help you out.