Welcome back to this thread, krucki.
You'll be applying the payments to a loan account. Learn more about this by visiting this article: Set up a loan in QuickBooks Online.
To get the balance down, you might need to create a Journal Entry for that. Before doing so, I recommend consulting your accountant to help you in choosing the right accounts to debit and credit.
Here's how:
- Go to the + New icon.
- Select Journal entry.
- Fill in the necessary information.
- Click Save.
In case you want to review the entries made, you can pull up or print a report for Journal Entries.
To do that:
- Go to the Search icon then choose Advanced Search.
- Filter your search to Journal Entries. Add additional filters such as Reference no., as necessary.
- Select Search, then choose the desired Journal Entry.
- Select More, then choose Transaction journal.
- To print, select the Print icon in the upper right of the report.
Be sure to get back to me if you have additional questions. It would be my pleasure to help. Have a good one!
