The current experience for long term notes is clunky and time consuming.

If we could create a long term liability account just like a credit card, we would be able to record interest accruals in the transaction ledger.

As it is today, the only way to set a starting balance or record interest is to use the general ledger. This can't be automated the way a rule can and is even more cumbersome for loans where multiple payments are made each month.