I received a SBA Business Loan in 2020. How do I itemize this money in my books for tax purposes?"

I can help and guide you on how to itemize the loan received from the SBA, @ALBOTRONIK.

In QuickBooks Self-Employed (QBSE), the loan received will be tracked as Personal and isn’t part of the business income. Let’s go to the Transactions page to input the amount.

Here's how:

1. Go to the Transactions menu to select the Add transaction button.

2. This will display field boxes where you can input the loan details.

3. From there, enter the correct date, transaction information, and then amount.

4. Under Type, choose Personal and then click Save to keep the record.

By the time you pay the capital amount, it is tracked under Business Loans. While the interest is categorized under Business Interest (Schedule C).

To track these entries, perform the same steps I laid out above. Then, categorize them accordingly.

Check out this article to view the complete list of categories used to track entries: QuickBooks Self-Employed Schedule C Categories breakdown.

Let me know if you have any other questions or concerns. I’m here to answer them for you. Have a great rest of the day.