How do i enter mortgage payments?

Hey there, @suzannek. Congratulations on successfully setting up your new QuickBooks company file! I'm pleased to help you with recording your mortgage payments.

As you're uncertain about the loan amount and remaining balance, but have bank account payments, I recommend reaching out to your bank or lender for the necessary information. Alternatively, if you had previously registered the loan and relevant payments in your earlier company file, you can cross-check the amounts from there. This ensures that you have the accurate figures needed to effectively keep track of your loan payments.

Once you have the total and remaining loan amount, proceed with the setup by creating accounts to track your liabilities. Establish a liability account for the mortgage and an expense account for interest payments. Let me guide you on how.

To create a liability account for the mortgage:

1. Navigate to the Gear icon and select Chart of Accounts.
2. Click the New button.
3. Choose Long Term Liabilities under Account Type, then Notes Payable under Detail Type. If you plan to pay the loan by the end of the current fiscal year, pick Other Current Liabilities as the Account Type and Loan Payable as the Detail Type.
4. Provide the account name (e.g., Mortgage) and hit Save.

To create an expense account for interest payments:

1. Head to the Gear icon, then Chart of Accounts.
2. Select the New button.
3. Choose Expense as the Account Type, then Interest Paid as the Detail Type.
4. Enter the account name (e.g., Mortgage Interest) and click Save.

After making the accounts, create a journal entry to enter the initial mortgage loan. It's advisable to seek your accountant's guidance during this step to ensure that all accounts and amounts are correctly recorded. If you don't have an accountant, you can easily find one here.

Then, use a check to record the loan repayment. Here's how:

1. Go to the +New button and click Check.
2. If you plan to send an actual check, enter a check number. For direct withdrawal or EFT, input Debit or EFT in the Check no. field.
3. Head to the Category details section of the check.
4. On the first line, choose the liability account for the loan from the Category dropdown and type in the payment amount.
5. On the second line, select the expense account for the interest under the Category and enter the interest amount.
6. Input any extra fees on additional lines and pick the appropriate accounts.
7. Hit Save and close.

For more detailed information, visit this article: Set up a loan in QuickBooks Online.

Once you've completed the process, it's essential to regularly update the account balances and reconcile your accounts to maintain the accuracy of your records.

I’ve got your back, suzannek. If you need further assistance with recording your mortgage payments or have any other questions, just click reply. I'm here to make sure you’ve got everything running smoothly. Have a great day!