Small Personal Loan Category

Was it truly a Personal Loan and then you put "your" money into your business?  Or was it a small business loan to the Company?  You need to handle them differently.

If it was a Personal Loan outside of the business.  Then you would show the money you put into the business in the Owner Equity Account.  And better yet, I'd create two Sub Accounts called Owner Draw and Owner Investment.   NOTE: This may change slightly if your a LLC or S Corp, so check with your Tax Accountant. 

But for now, you would deposit the money into your Bank and use the Owner Equity: Owner Investment Account.

If the business took out a loan, you'll need to create a Long Term Liability Account called something like Chase Loan - 1234 (where 1234 = the last for of the Loan#).  You will also need a Loan Interest Expense Account.

You'll deposit the money into your bank and the associated Account would be the Chase Loan - 1234 (or whatever you named the Long Term Liability). 

When it comes time for the monthly payment, you'll Split the transaction based on the Principal and Interest Payment shown on the Statement (or Loan Schedule if they gave you one).  So when you create the payment it will be to the bank for the full amount (e.g. $100).  But you'll Split the accounts to the Chase Loan and the Loan Interest Accounts.  (e.g. Chase Loan (Principal) = $95 and Loan Interest (Interest) = $5

You'll see the Chase Loan (Long Term Liability) Acct go down with each Principal Payment.

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