Do I need to make a new category in the Chart of Accounts to categorize my SBA loan repayments? Should it be a sub-account of something?

Hi there, sundebuilders.

I'll be your guide in the whole process of recording loan payments in QuickBooks Online (QBO). 

You'll want to set up a liability account so you can use this to record the loan and its payments. I'll guide you how:

1. Go to the Gear icon and choose Chart of Accounts.
2. Click on New.
3. Select Long Term Liabilities from the Account Type drop-down arrow. If you plan to pay off the loan by the end of the fiscal year, choose Other Current Liabilities.
4. From the Detail Type drop-down arrow, select Notes Payable.
5. Choose when you want to start tracking your finances from the ▼ drop-down arrow.
6. Enter the full loan amount as a negative amount in the Amount field. Since the future payments to the bank are a liability for your business, the amount should be negative.
7. Click on Save and Close.
   

Here's an article you can read to learn more about how you can manage your loan and payment: Make a loan payment in QuickBooks Online.

I've also included this helpful article for more insights about managing your loan: Set up a loan in QuickBooks Online.

I'm just a post away if you have other questions or concerns. We're always here to lend a hand. Thanks for posting and I wish you have a lovely day ahead.

Hi, sundebuilders.

Hope you’re doing great. I wanted to see how everything is going about making a new category in the Chart of Accounts you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.

Looking forward to your reply. Have a pleasant day ahead!