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N
Noob12300
August 27, 2022
Question

Interest only payment, how to identify when multiple loans

  • August 27, 2022
  • 1 reply
  • 0 views

HI there,

 

I have several loans that are interest only, so when I record an *Expense* with the category for Interest Paid, then how will I ever know what specific loan this interest is paying? For example, there could be 4 loans, all paying interest only at the beginning of the month, how can one identify which loan was which interest?

 

Thanks!

1 reply

R
RoseJillB
August 27, 2022

Hi there!

 

Let me help you with identifying the loan interest payments entered in your QuickBooks Online (QBO).

 

When entering your expense for the interests’ payments, you can add brief information in the Description column. That way, you can identify when checking your account with which the payment is associated.

 

On the other hand, if you have a QuickBooks Online Plus and higher versions you can utilize the Class tracking feature. Before doing so, ensure that the Class tracking on your QBO is enabled.

 

Here’s how you can turn on the class tracking feature:

 

  1. Go to the Gear icon, and select Account and Settings. 
  2. Select the Advanced tab, and select the Categories section to edit.
  3. Mark check the Track classes. Then, check the Warn me when a transaction isn’t assigned a class.
  4. In the Assign classes, select the One to entire transaction or One to each row in transaction.
  5. Lastly, select Save. Then, Done.

 

Afterward, start tracking your transaction by class to easily identify which interest is the payment associated with.

 

Moreover, here are some helpful articles to get better insights about tracking your transactions:

 

 

I also added the following articles for your reference when categorizing transactions and reconciling your account.

 

Let me know in the comment section if you have more questions about expenses. I’m just around the corner to lend a hand for help. Have a good one!

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