It’s nice to see you in the Community, gregveachlaw.
Let’s write a check to record the interest paid into and out of a liability account. The process is a breeze, and I’m here to guide you.
If you haven’t created the liability or expense account, go to the Chart of Accounts page to add them. I suggest consulting an account for a recommendation on the specific accounts to use to track the transaction.
To add the account, we’ll have to perform the process one at a time. Check out the steps below.
Tap the Accounting menu on the left panel to choose Chart of Accounts.
Hit the New button in the upper right to open the Account window.
Press the Account Type drop-down and pick Other Current Liabilities or Long Term Liabilities.
Select the appropriate category in the Detail Type drop-down.