I'm here to help you record mortgage payments in QuickBooks, jenakason.
Cash and non-cash asset loans are considered as liabilities for a company. To track loans and their payments, you need to select a liability account.
And, I'm glad to help you set up a liability account. You can follow the steps outlined below:
- Go to the Lists menu, then select Chart of Accounts.
- Select the + icon to add a new account.
- From the Type field, select the account for your loan:
- Other Current Liability: for short-term loans payable over one year.
- Long Term Liability: for long-term loans payable over a longer period.
- Enter the name and number for the account.
- Leave the opening balance at zero.
- Click OK.
Once done, add the vendor or lending company:
- Go to the Vendors menu, then select Vendor Center.
- Select the +icon, then select New Vendor.
- Enter the name of the bank or the company you need to pay for the loan.
- (Optional) Enter other vendor details such as phone number and email address.
- Click OK.
After that, you can record the loan amount and payments. Check out this link for detailed steps and screenshots: Manually track loans in QuickBooks Desktop. Then, proceed to the QuickBooks Desktop for Mac section for instructions.
Upon sharing this solution, I still suggest consulting with your account. They can provide specific instructions on how to handle mortgage payments so you have accurate records on your books.
I'm adding this link for future guide: https://qblittlesquare.com/. It provides articles to help you with QuickBooks Desktop for Mac.
Stay in touch with me if there's anything else I can help you with today. I'll be right here to help you.
