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November 29, 2023
Question

How do I do this interest paid on vehicle loan thing?

  • November 29, 2023
  • 1 reply
  • 0 views

Hi,

I'm a newbie so this might seem silly but I am so confused.  We have 2 vehicle loans that I have put in as liabilities.  Every month the payments are automatically withdrawn from our main checking account. This checking account is linked to quickbooks, so the payments have popped up and I've categorized them under the proper liability account, with x amount going to principal and x amount catergorized under interest paid.  But now when I go to reconcile my  account, I'm missing the amount that went to interest paid and I don't know how to solve this.  

1 reply

November 29, 2023

Hello mindyhardyops

 

Thank you for reaching out to the Community and no question is silly! I will be happy to help you here. Just to clarify, are you downloading the transaction from the bank and then splitting it into new accounts in the bank feed?

 

 In the meantime, I am adding this article which highlights how to record the loan with the payments and interest on the same check.

 

I will be looking out for your response below! See you soon!