How to Record a Mortgage Payment in Quickbooksby Bradley James Bryant
Quickbooks is a financial software packages that can be used by small businesses. It automates the bookkeeping function while providing automated accounting procedures for startups and small firms. Quickbooks can also be used for personal finances. While the software is fairly intuitive, there is a slight learning curve when it comes to performing certain tasks.
Add a category to the chart of accounts in RentRight or LoanManager. You need to have both a mortgage interest account and a mortgage principle account. This will allow you to split the payment between these two accounts for more accurate record keeping. From the file menu, select "File" and then "Chart of Accounts" from the drop down menu.
Highlight "Expense" in the left hand section. Make sure the type says "Expense" on the right. Click on the "New" button at the bottom of the page.
Type the name of the new expense account in the field. One example is Mortgage Principal Payment. Close the form using the black "x" in the upper right corner to save.
Set up your loan under the Banking drop down menu. You can make payments through the loan manager and record the breakdown between the two accounts each month.
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