How do you account for the ongoing interest for a loan? I have an SBA loan set up as a long term liability , but the ongoing interest is not recognized.
How do you account for the ongoing interest for a loan? I have an SBA loan set up as a long term liability , but the ongoing interest is not recognized.
I record the payment, and they are deducted from the initial balance, but the Quickbooks account has no mechanism for recognizing that interest is being added monthly.
How do you account for the ongoing interest for a loan? I have an SBA loan set up as a long term liability , but the ongoing interest is not recognized.
When you get your statement each month, enter the interest in the loan account's register as an increase to the loan.
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
