You should expense the equipment out as an asset and the other side of the JE will be the liability account (creating the beginig balance). In this video, I show you how to record an asset you purchased with a loan in QuickBooks Online.Recording a vehicle purchase in QuickBooks online is not as hard as it sounds. Go to the Company menu. How to do a loan journal entry for transactions for bank loans, car loans, intercompany loans, and loan forgiveness including loan amortization. When you first purchase new equipment, you need to debit the specific equipment (ie, asset) account. And, credit the account you pay for the asset from. To complete the acquisition only if there are material inaccuracies in the Seller's representations.