I’ve loaned some money from my parents and expect to pay it back at some stage but there is no forced term or payments required. I looked at setting up a loan account so that it appears as a Liability but KMyMoney prompts for things such as interest rate, term, fees, etc. I just want to show a “simple IOU” type of loan. What is the best way to achieve this ?
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After mucking about with the loan setup, I just cancelled that process and noticed that I could create just a Liability account. Perfect for loaning money from family/friends 
It is not a Liability account, but an Asset account. It is a money receivable item, so it is an asset.
A loan payable is a liability. The borrower incurs the liability. The lender has the future receivable money as an asset. The account should be named to show that it is a future expected amount as opposed to being an amount currently on hand. KMYMoney allows you to put a future date on a deposit and that deposit is not show in balances for accounts before that date, so you could put the money in the account with a date of 2030 or whenever you expect to get paid back.
Another way to handle it without creating a special account, would be to create a Scheduled Transaction with the anticipated payback date going into the anticipated deposit account. That might even be the simplest way to handle the transaction.
@markhm What you state is absolutely correct, but @Gandalf needs to use a liability account! With a bit of background in German grammer
translates into “I’ve borrowed some money from my parents” 
Yes, I see that now.
I stand corrected.