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Can several interest only payments on a loan posted under principal instead of interest. be change them from account "loan" to "interest" by one transaction?

 
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Re: Can several interest only payments on a loan posted under principal instead of interest. be c...

Thank you for choosing the Community to assist you today, @skharris0880.


To make sure I'm on the same page, are you trying to split a loan payment to reflect the principal and interest in QuickBooks Online? If so, you can create separate line items for each part of the transaction you'd like to see.

 

Here's how: 

  1. At the top right, click the Plus icon (+).
  2. Select Expense.
  3. Enter a vendor and transaction date.
  4. On the first line, select the Loan's Liability Account. Enter only the principal amount of the payment under AMOUNT.
  5. For the second line, you can choose an Interest Expense account and only enter the amount of the Interest.
  6. Once finished, click Save and close.

This will create a single money-out transaction to be reconciled in your bank register, but split the expense into respective categories. You can also check the following article for more information and detailed guide on entering split transactions: How to enter a split transaction into the register

 

Drop me a comment below if you're referring to something else or if you have any other questions. I'll be happy to help you further. Have a great day. 

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Re: Can several interest only payments on a loan posted under principal instead of interest. be change them from account "loan" to "interest" by one transaction?

total them up

journal entry

debit interest expense

credit loan