Does QuickBooks Online have an amortization schedule?

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

To process amortization 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 the Print later checkbox to print the cheque later.
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 Sales Tax ▼ dropdown menu, select a tax rate.
14. Select the Billable checkbox 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.

To process amortization 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 Sales Tax ▼ dropdown menu, select a tax rate.
14. Select the Billable checkbox 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 amortization of intangible assets. To record this transaction, you would normally have an expense account set up to track amortization, along with a subaccount attached to your intangibles asset account to track the accumulated amortization. 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 the date you want to reflect the amortization.
5. Enter the Journal no.
6. On the first line under Account, list your amortization 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 Sales Tax ▼ dropdown menu, select a tax rate.
11. Select a Location ▼ if applicable.
12. On the second line, under Account, enter your accumulated amortization 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 amortizable 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 amortization 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 amortization correctly.