Long Term Liability needs to add interest to balance

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Subject Author Date Long Term Liability needs to add interest to balance shorb 02-02-2009  Re: Long Term Liability needs to add interest to b... Haskel LaPort 02-03-2009  Long Term Liability needs to add interest to balan... Frank Kirk 02-03-2009
Posted by shorb on February 2, 2009, 7:54 pm Please log in for more thread options Hello - I created a long term liability. I basically borrowed $40k from my Mutual fund. I created an account for the loan. As I have paid it back, I write a check in QB for the total amount, and in the detail, one line is the amount of principal I am paying back, and in the other I get the interest from my mutual fund statement each month, in the section relating to my margin loan. One month, I sent a check for less than that interest. So the interest that I didn't pay added to the amount/remaining balance of the loan. How can I have that reflected accurately in my loan balance? I have never done a journal entry - that intimdates me... Thanks in advance, chris Posted by Haskel LaPort on February 3, 2009, 8:39 am Please log in for more thread options > Hello - > > I created a long term liability. I basically borrowed $40k from my > Mutual fund. I created an account for the loan. As I have paid it > back, I write a check in QB for the total amount, and in the detail, > one line is the amount of principal I am paying back, and in the other > I get the interest from my mutual fund statement each month, in the > section relating to my margin loan. > > One month, I sent a check for less than that interest. So the > interest that I didn't pay added to the amount/remaining balance of > the loan. How can I have that reflected accurately in my loan > balance? I have never done a journal entry - that intimdates me... > > Thanks in advance, > > chris The simplest method is to post a journal entry. Just do it. Debit Interest Credit Loan Payable. You can also go back to the payment in your post and add two more detail lines, one for interest the other for loan (as a negative number) . Posted by Frank Kirk on February 3, 2009, 3:13 pm Please log in for more thread options shorb wrote: > How can I have that reflected accurately in my loan > balance? I have never done a journal entry - that intimdates me...         Journal entries are a piece of cake. Just increase (credit) the note balance & charge interest expense. Similar Threads Posted Loan payoff (long term liability) March 15, 2007, 3:51 pm How to have liability acrue interest but not show as payment? October 29, 2008, 7:08 pm Balance Sheet Report Question Re: Current Liability Item December 29, 2007, 11:17 am How to record bank Interest March 31, 2007, 9:30 am opening balance on reconcile screen does not match balance in QB and statement January 15, 2008, 3:42 pm Reconciliation excessively long December 10, 2006, 12:13 pm term server disconnecting me? February 28, 2008, 2:54 pm How to enter liability using items November 1, 2007, 1:10 am OBE Balance January 5, 2007, 7:58 pm Re: Vendor balance January 5, 2007, 7:28 am