Maintaining a record of deductible/non deductible debt on a loan account?
If a loan account (or frequent flyer credit card) is used for both deductible and non deductible expenses, is there an easy way to track the balance of each, for the purposes of apportioning interest as deductible and non deductible?
Maintaining a record of deductible/non deductible debt on a loan account?
Hello there MrMiyagi,
You can run reports in QuickBooks Online account like Transaction Detail by Account or Transaction List by Date. Regarding what easy way to track each balance for both deductible and nondeductible expenses, you can use the Run report option in the Chart of Accounts. Let me show you how:
Click on the Accounting tab.
Click on the Chart of Accounts.
Locate the expense account, and click on the drop down arrow beside Account history.
Maintaining a record of deductible/non deductible debt on a loan account?
Hi There, that doesn't really answer my question.
I have a Amex Frequent flyer credit card.
Say in January, I spent 10k on deductible items, and 5k on non deductible items.
For the Feb interest charge, 66% would be deductible.
How can I keep a track of deductible/non deductible charges to the one credit card, so I know what percentage to claim?
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