Some institutions send a separate transaction for principle paid and interest paid on a loan, but some institutions only send a single transaction for the total amount paid. If your institution sends a single transaction for principle + interest paid, you can split the transaction. Click on the transaction to open the detail view, and click on [Split Transaction]. Use the Fees and Charges category to track your interest paid. You can add a custom subcategory for all your loan payments if you wish. You will need to obtain the amount spent on interest vs. principle from your financial institution. Note: The debt account balance will always be accurate; as the institution sends us the remaining balance regardless of the transaction is displayed
How do I account for interest paid on a loan? Print
Modified on: Fri, 7 Feb, 2020 at 12:20 AM
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