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craneuser
Level 2

CPLTD

Hi. Does QB online calculate current portion of long term debt?

2 Comments 2
john-pero
Community Champion

CPLTD

Nope, QBO does not. Neither do most versions of desktop. Even a 30 year loan is considered all due today despite its position as Long Term Liability on your balance sheet. To account for current portion (as a bank might demand during refi negotiations) you would have to make a journal entry using the amortization schedule for your loan and the projected principal payments due within 12 months of report date. This changes every month or as often as you make payments.

Malcolm Ziman
Level 10

CPLTD

 


@craneuser wrote:

Hi. Does QB online calculate current portion of long term debt?


That would be a nice feature. Do you know of any accounting software that does that?

Also would be nice to automatically restate credit balances in AR/AP

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