QB Issue Resolution:

Lets start with why you have Long Term Liability when it usually whould be Owner Contribution. If you are an LLC or Sole Proprietor then you never “loaned” money to your company, all you did was increase equity.

 

You must therefore be a C or S corporation (with yourself as an employee collecting what the IRS calls reasonable wage before any distributions)

 

Deposits can only be recorded to bank type accounts or Other Current Asset type accounts. So you can add a clearing bank account, record the deposit to it and then post a withdrawal to Shareholder Loan, which this would be. It is a two-step process.  Or you could transfer the money back into business checking from the clearing account

 

Company money that is misdirected into personal account would not be a company liability since that check amount would be owed back to the company, making it an asset.

Resolution for Issue 'Customer Payment: “Deposit To” option will not allow “Long Term Liability” account' available: Yes (Solved).
Source: Intuit Community forum.

Customer Payment: “Deposit To” option will not allow “Long Term Liability” account: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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