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daena
Level 1

How do i record and interest charge from a vendor

 
2 Comments 2
LorriTES
Level 2

How do i record and interest charge from a vendor

I set up an cc interest / service fee / late fee expense account in the chart of accounts.  Then I select that account as a line item and enter the amount.  Don't know if that is the best way, but it does work.

ZackE
Moderator

How do i record and interest charge from a vendor

Thanks for joining the Community, daena.
 

Interest charges can be entered as records in an expense account.
 

I'll guide you through how to enter it:
1. Use your ADD NEW (+) icon, then click Expense.2. Choose a Payee, Payment date, and Payment method.3. The Payment account drop-down menu can be used to indicate which bank account it's associated with.4. In the Category details section, under our CATEGORY column, use the What tax category fits? option to pick your Interest Expense account.5. Enter the amount.
6. Select Save and close.


Once you're finished with the entry, you can continue reconciling your account.
 

I've included a few resources below about using QuickBooks Online which might come in handy moving forward:


Feel more than welcome to reply if there's any other questions. Have a wonderful day!

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