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QBO recording a mortgage for a church, I setup the long term liability account but the mortgage payment doesn't appear on a P&L Budget vs Actuals as an expense?

 
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QuickBooks Team

QBO recording a mortgage for a church, I setup the long term liability account but the mortgage payment doesn't appear on a P&L Budget vs Actuals as an expense?

Hi bonnie-eadle,

 

Making sure your tracking your expenses correctly is key to good bookkeeping. I can help point you in the right direction for this.

 

QuickBooks Online makes setting up accounts in your Chart of Accounts a quick process. I suggest reaching out to your accountant before creating an account to make sure it's being entered correctly so it shows on the right accounts. If you don't have an accountant no worries, we have your back. You can go to My Accountant>Find a pro to help to find one in your area. Once they let you know which accounts to use to track the mortgage you can follow these steps to add it to your Chart of Accounts. 

 

  1. Go to Settings ⚙, then select Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ dropdown menu choose an account type.
  4. In the Detail Type ▼ dropdown, select the detail type that best fits types of transactions you want to track. Learn more about detail types.
  5. Give your new account a name. You can use the info under the detail type to add a name that fits.
  6. Add a description.
  7. Select Save and Close.

Have a great one!