Since the bank put the money in your checking account you don't need to set up a new cash account, unless that was a new checking account. To set up the liability account, go to the Maintain menu > Chart of Accounts. Enter a number for the new liability account that falls within your existing Other Current Liability accounts. If you are using one of Sage 50's standard charts of accounts, that number will probably be in the 23000's or 24000's. Next enter a description such as "XYZ Bank Loan." Finally, set the account type to Other Current Liabilities . That last step is key to getting the account to show up in the right place on your balance sheet, so be sure you don't overlook it. To record the direct deposit of the loan amount, enter a cash receipt transaction (Tasks > Receive Money). The cash account should be set to the checking account the money was deposited into. Set the GL account to the liability account you just set up. If you don't see a GL Account column in the Receive Money window (it should be between Description and Unit Price), close that window, go to Options > Global, and uncheck the box next to Accounts Receivable in the "Hide General Ledger Accounts" section. When you go back to Receive Money you'll have a field for GL Account.
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