You can do a GL Journal entry.

1. Credit cash for the cash or check used from your business bank account for any down payment, Debit Equipment Asset, Credit Long Term Loan Payable for the entity servicing the note.

2. In addition, for the portion of the note that is due in your current year you would need to record the yearly amount from Long Term Loan Payable into Short Term Loan Payable. For the current year you would do a prorated entry for the number of months left in the year. A 300K loan over 5 years is 60K per year or 5K per month. If the amount you owe in year 1 is for Feb-Dec 2024, then you record 5Kx11 months equaling 55K.  You would create a GL journal entry debiting Long Term Loan Payable and crediting Short Term Loan Payable for the 55K. Then at the beginning of every year you record the prorated portion for that year.

3. Set up the Vendor you are paying that is servicing the note. The GL account you will use is the Short Term Loan Payable. You can choose to enter a purchase (shows up on your AP Aging report) or a payment for the monthly note and recur it if you want that option.  At the time you make your payment you will pay the monthly amount plus the interest which will go to your interest expense GL account.