Catagorising Loan Payments

Neil Evans · ‎January 21, 2020

Hi,

I am new to quick books self employed. Ive imported my business bank account transactions and am currently categorising them. I have loan payments that go out every month, what would be the best way to categories them. Also how would I categories the initial loan payed into my account.

Thanks, Neil

Becky29 · ‎January 21, 2020

Hi Neil,

No I was thinking more towards the Category that says "Repayments of loans/overdrafts" I believe its situated a little further down to the interest on bank/loans.

^Becky

View solution in original post

Becky29 · ‎January 21, 2020

Hello Neil,

Would you be wanting these transactions to hit the allowable or disallowable on your self assessment. Looking on the system I can see that there is an option for Repayments of loans/overdraft, when selecting this it will hit your self assessment under allowable expenses ( bank, credit card and other financial charges) However as were not accountants I would clarify this with an accountant.

^Becky

Neil Evans · ‎January 21, 2020

Thanks for you reply. There is an option to categorise it as "Interest On Bank/Loans" is this what you mean?

As for being allowable or not I think I will talk to an accountant.

Becky29 · ‎January 21, 2020

Hi Neil,

No I was thinking more towards the Category that says "Repayments of loans/overdrafts" I believe its situated a little further down to the interest on bank/loans.

^Becky

Neil Evans · ‎January 21, 2020

I've spotted it thanks, me being an idiot not noticing I could scroll down lol

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