Hello,
I was able to record a loan in QuickBooks Online. Thanks to instructions provided in the Community.
Using example numbers. The loan principal is $100,000. It has a 3% interest rate and interest in accrued daily at $8.22/day. We are currently receiving bills for payments that are being applied specifically to interest-only. What would be best practice for setting up an expense account to track interest being accrued and apply payments made?
Thank you again.
Best,
Christopher
