great thanks,,, please forgive me ... as i mentioned i am brand new... 

1. So all downpayments and future payments are ACH electronic payments that pull funds directly from my checking account.  does that make a difference will eveything you mention still apply? 

2.  how do i categorize and record this loan? do i  intially setup anything in charts of accounts ? Is there a step by step tutorial or sometning i could follow?