Does QuickBooks Online have an amortisation schedule?

Amortisation of debts and assets in QuickBooks Online will have to be done through manual transactions, such as cheques and journal entries. For example, the amortisation of debts can be done with a cheque.

To process amortisation of debts with a cheque:

1. Select + New.
2. Select Cheque.
3. From the Payee ▼ dropdown menu, select a customer.
4. From the Bank Account ▼ dropdown menu, select an account.
5. Enter a Mailing address.
6. If this is a hand-written cheque, enter a Cheque no. and an appropriate Payment date.
7. Select a Location ▼ if applicable.
8. From the Amounts are ▼ dropdown menu, select the applicable tax option.
9. From the Category ▼dropdown, select the loan account.
10. Enter a Description.
11. In the Amount field, enter the amount paid off for the principal loan.
12. From the GST ▼ dropdown menu, select a tax rate.
13. Tick the Billable box if needed.
14. From the Customer/Project ▼ dropdown menu, make a selection.
15. From the Class ▼ dropdown menu, make a selection.
16. Enter the interest expense account and the interest amount on the next line and follow the steps above to add all the info.
17. Enter notes under Memo.
18. Select Save and Close.

To process amortisation of debts as an expense:

1. Select + New.
2. Select Expense.
3. From the Payee ▼ dropdown menu, select a customer.
4. From the Payment account ▼ dropdown menu, select an account.
5. Select a Payment date.
6. Select a Payment method.
7. Enter a Ref no. (Reference number).
8. Select a Location ▼ if applicable.
9. From the Amounts are ▼ dropdown menu, select the applicable tax option.
10. From the Category ▼dropdown, select the loan account.
11. Enter a Description.
12. In the Amount field, enter the amount paid off for the principal loan.
13. From the GST ▼ dropdown menu, select a tax rate.
14. Tick the Billable box if needed.
15. From the Customer/Project ▼ dropdown menu, make a selection.
16. From the Class ▼ dropdown menu, make a selection.
17. Enter the interest expense account and the interest amount on the next line and follow the steps above to add all the info.
18. Enter notes under Memo.
19. Select Save and Close.

You can create a journal entry to deplete the amortisation of intangible assets. To record this transaction, you would normally have an expense account set up to track amortisation, along with a subaccount attached to your intangibles asset account to track the accumulated amortisation. Again, you would want to consult your accountant or bookkeeper to make sure you are using the appropriate accounts.

Once you have these accounts set up:

1. Select + New.
2. Select Journal Entry.
3. If you have multicurrency turned on, select a currency from the Currency ▼ dropdown menu.
4. Enter the Journal date to reflect the date of amortisation.
5. Enter the Journal no.
6. On the first line under Account, select your amortisation expense account.
7. List the amount under the Debits column.
8. Enter a Description.
9. From the Name ▼ dropdown menu, select a customer.
10. From the GST ▼ dropdown menu, select a tax rate.
11. Select a Location ▼ if applicable.
12. On the second line, under Account, enter your accumulated amortisation subaccount; the system will automatically put the amount in the Credit column.
13. Repeat the steps you did for the first line.
14. (Optional) If this asset is amortisable on a regular basis, and the amounts are going to always be the same, select Make recurring. You can then schedule this transaction to be automatically entered so the amortisation happens without manual data entry on your part. Then select Save template.
15. Enter notes under Memo.
16. Select Save and close.

It's best to speak with your accountant or bookkeeper to be sure you are accounting for your amortisation correctly.