Yes, that's possible to include on projects, homesmiths.
We can create an item for the loan repayment for us to include it on the transaction together with the other items.
Let me show you how:
Enter a sales transaction and add this product on another line item.
We can track those loan repayments from the income account you associated it. Just go to the Accounting menu and select Chart of Accounts. Look for the account and under the ACTION column, click the drop-down arrow to select Run report.
If you have other questions, you can always mention me in your reply.
My case is that our nonprofit organization has a mortgage loan on a building we own. We have received a grant that can be used for monthly mortgage payments. I have set up a Project to track the grant, but the when I tag the mortgage payment with the appropriate Customer/Project, it does not show up as a Project Expense. Do I have to do this manually through a Journal Entry somehow?
Thank you for joining the thread, @treasurer23.
The payment will show up on the report as long as the project name is included in the payment transaction you created. Just remove the Billable tick-box on the line item.
If you have any other questions, mention me in the comment section below. I'll get back to you as quickly as possible. Keep safe!
Thanks for the reply, @Angelyn_T . I checked again on the loan payment - the Billable box is not ticked, and the Project name is listed on that line item under Customer/Project.
On the Project page, the payment is listed under "Transactions," but not as a "Cost" of the project. Only payments that are categorized as Expenses are listed as Project Costs.
The $500.00 payment is split between $81.66 in category Mortgage Interest Expense and $418.34 in category Mortgage (a Long Term Liability). Both line items have the Project listed under the Customer/Project column. The $81.66 shows up as a Project Cost, but not the Mortgage (principal) amount.
Hi treasurer23 The reason the loan amount isn't showing on the report is because you are using a liability account, Liability accounts are not reflected on profit and loss reports they are shown on balance sheet reports.
Hi! Its me again, I started this thread!...........and I'm still none the wiser! What type of transaction/account should the loan payments be, if not liability?
I appreciate you following the steps shared by my colleague about including loan repayments to a project, @homesmiths.
Let me route you to our support team to help you find out why is this happening. With their tools, someone from there can create a new case ID associated with your account to be submitted to our engineering team for further investigation.
Let me show you how:
To ensure we address your concern on time, check out our support hours.
Stay in touch if you need help with anything else. We're here to lend a hand. Take care and have a day!
I'm not sure if you've figured this out already but in the product/services screen you have the option to choose "I sell this product/service to my customers" or check the box that says "I purchase this product/service from a vendor". You'd want to choose the second one and go from there.