How do I post an annual mortgage interest expense?

Hi michelle-3dreale, 

Small business accounting involves tons of different expense transactions, such as interest payments towards your mortgage. I know how important it is for you to track these expenses properly, and QuickBooks Online provides you with all the necessary tools to do so. I'll help point you in the right direction.

Depending on the advice given to you by your accountant, you can consider recording this as an expense and setting up a special expense account for 'mortgage interest'. To set up a new expense account, click the Accounting tab, then choose Chart of Accounts, then select New. You'll select Expense as the account type, then you can name it something you'll recognize (e.g. Mortgage Interest). 

Once that's been created, you can create an expense by clicking the + New button, then select Expense. 

As mentioned above, it's important to consult with your accountant on the best method to record unique transactions such as this one. I'd encourage you to reach out to them first, and if they offer alternative advice, I'd be happy to explain how to record the transaction the way they've explained. 

If you're not yet connected to an accountant, you can find one in your area here.

You're also welcome to reach out to our tech support team if you've got any further questions. 

Cheers.