BBL Repayment

I'll share insight on your query about a bounce-back loan repayment along with its interest, @email4.

You can create a cheque or an expense transaction to record the payment for this type of loan. To include interest payments, add them as another line item. Assign a specific expense account for these interest payments so you can have them show up in the Profit and Loss report. 

Please be advised that it's best to consult an accountant for this matter. They can guide you with what accounts to use, so you can keep your books accurate. 

Let me know in the comments below if you have other questions about bounce-back loans in QuickBooks Online. I'll be around to help you out. Have a pleasant day!

This does not help. 

I need to add this into the BBL account and show it as an expense 

Were is the dropdown? 

I appreciate you for getting back, email4. I'll show you where to locate the drop-down menu to add a check or an expense transaction under your account.

1. Open your account's register as instructed by JasroV above.
2. Tap on the drop-down menu from the left-side section under the funnel icon or Date.
3. Select a transaction type.
4. Fill in the information.
5. Hit Save.

For more tips about handling your accounts in QuickBooks Online, you can open this article: What are account histories in QuickBooks Online?.

In case you want to find or modify a transaction in an account, you can also check out this link as your reference: Find, review, and edit transactions in account registers.

If there's anything else you need help with adding an expense entry to your BBL account, let me know by adding a comment below. It's my pleasure to help. Wishing you a good one!

I'm trying to do the exact same thing with a Bounce back loan. The drop down menu within the account just says add transfer and then gives me the options of transfer or journal entry. How do I record the interest as an expense for tax purposes?

Thanks for joining this conversation, JamesCParsons.

Allow me to jump in and help ensure you can record the interest as an expense in your QuickBooks Online (QBO).

You should be able to choose Expenses when clicking the drop-down option, as shown by my colleagues above. To isolate this, let's sign in to your QBO using a private browser (incognito). There are times that the browser is already full of frequently accessed page resources (cache and cookies), causing some unusual responses.

Here's how:

• Press Ctrl + Shift + N (Google Chrome).
• Ctrl + Shift + P (Firefox).
• Control + Option + P (Safari).

Once logged in, go back to your account register to double-check. You can follow the detailed steps shared by my colleagues above for further guidance.

If it works, return to your default browser and perform a clear cache to refresh the system. However, if the issue persists, try using other supported browsers.

To know more about managing and adding transactions to your account in QBO, consider checking out this article: Manually add transactions to accounts in QuickBooks Online.

Once everything looks good, you can proceed with reconciling your account to ensure your books are accurate: Reconcile an account in QuickBooks Online.

I also recommend visiting our website for more tips and other resources you can use in the future: Self-help articles.

Please post again or leave a comment in this thread if you have more questions about this or anything else QuickBooks. I'll be here to assist. Stay safe.

Hi,

As I stated in my original comment, I do not get an expense option when clicking that drop down. what I get is the option between 'transfer' or 'journal', as per the picture attached.

How do I get the expense option?

Thank you

Hi James thanks for coming back to us and with a screenshot, what kind of account are you in on the chart of account? If you are in an liability account there is no expense option just the transfer and journal entry option, you can't create an expense from liability account because it's a transaction that takes a fund from the account. If you're in the bank account you should have all of them in the list.

So to record the interest element of a loan which is an expense, I cannot record it in the liability account related to that loan? What is the appropriate account to add this interest as an expense?

Hi James, we would advise that you speak to a trained and qualified accountant who will be able to help you on what account to put it to as we are just technical support and not trained accounts.

accountants*