Your understanding of QuickBooks Online (QBO) loan payments is correct, Bop88. Let me share further information regarding this topic.
When a business acquires a loan in QBO, the payment interest is recorded as an expense, while the loan payments are liabilities. Therefore, loan payments are reflected on the balance sheet, and the payment interest on profit and loss. This distinction ensures that the financial statements accurately represent the business's obligations and expenses.
Furthermore, you can this resource to gain additional knowledge about QBO loans and their payments: Set up a loan in QuickBooks Online.
Additionally, I'll leave you with this material you can use as a guide when recording a loan as an asset in QBO: Record a loan for an asset in QuickBooks Online.
Moreover, visit our QuickBooks Live Expert Assisted services whenever you need additional help understanding how data populate your reports. They can assist you in finding reports that suit your specific needs.
I'll always be available in this forum if you have more queries managing payables in your account. Feel free to let me know in the comments below. Have a good one!
