setting up a commercial loan
How to set up a commercial loan
and track the interest paid versus the principal. What catagory is it? On the 1040 it is listed under expense.
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d16XEAx98r4laPacwZ5xHE
04/05/11 5:04pm PDT
Viewed by asker 04/14/11 10:22am PDT
Viewed by asker 04/14/11 10:22am PDT
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chipoffblock
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04/05/11 6:57pm PDT
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This is a loan you owe? Then you need to set up the loan as a Liability account in QB's, and then you track the interest with a interest expense account, and the principle in the loan account. See pic of loan payment.
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Hope this helps! If this answers your question, please click This solved my question, if not please ask more questions. Thankyou!
