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stephenobana
Level 1

What transaction groups are included under "Loan Principal"? all i could find was business loan and mortgage and these sums combine are very different than on my P&L.

 
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Best answer May 23, 2020

Best Answers
Ryan_M
QuickBooks Team

What transaction groups are included under "Loan Principal"? all i could find was business loan and mortgage and these sums combine are very different than on my P&L.

Hi @stephenobana,

 

I've got you covered on your query about categories under the Loan Principal account. 

 

Both the Business loan and Mortgage categories you mentioned are correct, and indeed under Loan Principal. The other category you missed is Vehicle loan

 

Take a look at this article for a complete list of expense categories and how they appear in the Profit and Loss report: QuickBooks Self-Employed Schedule C Categories breakdown.

 

Feel free to post a reply if you have other questions. I'll be sure to get back to you. 

View solution in original post

2 Comments 2
Ryan_M
QuickBooks Team

What transaction groups are included under "Loan Principal"? all i could find was business loan and mortgage and these sums combine are very different than on my P&L.

Hi @stephenobana,

 

I've got you covered on your query about categories under the Loan Principal account. 

 

Both the Business loan and Mortgage categories you mentioned are correct, and indeed under Loan Principal. The other category you missed is Vehicle loan

 

Take a look at this article for a complete list of expense categories and how they appear in the Profit and Loss report: QuickBooks Self-Employed Schedule C Categories breakdown.

 

Feel free to post a reply if you have other questions. I'll be sure to get back to you. 

View solution in original post

stephenobana
Level 1

What transaction groups are included under "Loan Principal"? all i could find was business loan and mortgage and these sums combine are very different than on my P&L.

Ty this resolved it! i was also able to the complete sum categories by "viewing" (as opposed to downloading) the profit and loss report which allows me to click on the individual category sums and shows me whats all include which was very helpful.  Also on this list here (https://quickbooks.intuit.com/learn-support/en-us/business-assets/quickbooks-self-employed-schedule-...) under vehicle loan it says its included under "vehicle deduction" which was initially frustrating since it was directing me to the wrong place.  Thanks so much for your help and attention!

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