I currently have in my chart of accounts a long term liability for my vehicles and equipment loans. I also have a short term liability for the same that reflects the current balance due on long term debt. I have been debiting the long term liability and crediting the short term each month. I also do a journal entry for the interest. Is it possible to keep the same format in my chart of accounts or do I need to journal the current back into the long term and then let loan manager take it all from there? I tried having it both ways but loan manager seems only interested in the long term and wishes to rewrite the loan data from there. Any thoughts?
Loan Manager or Journal entry
Mar 16, 2005
1 Replies
You do not transfer the amount from Long Term liability to Short Term every time a installment gets due. Also since you are using the loan manager QuickBooks automatically writes the both the Principal and Interest repayment for you.
Mike Block - QuickBooks Tax Cut C.P.A. Intuit paid me to make QuickBooks better!
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