Thank you for answer. I have a bit different situation, so perhaps I should rephrase it.
Client bought a track for 95,000 from Dealer A. The dealer issued a bill for 95,000. I recorded the bill in QBO. The bill goes against AP (short term liability) for supplier Dealer A.
The client paid 10,000 as down payment. I recorded it as a partial payment against the bill. Short Term liability decreased to 85,000. So far so good.
Client visited local Lender B, and got a loan for 85,000 payable 8,500 plus interest once a year for 10 years. Lender B paid of the Dealer A. I recorded it as journal entry to Long Term Liability with name of Lender B (as supplier) and applied it against AP with name of Dealer A. So far so good.
Now, none of the reports that you mention, show the transaction for the supplier Lender B. These reports show only transactions against AP and, banks, CC, and expenses. The same is with Supplier Transaction list under the Expenses/Suppliers menu. No supplier's transactions for Long term liabilities.
The client made a payment. I recorded it against Long Term Liability and bank account. (I know that it actually should be moved to Short Term Liability or AP first, but for simplicity, let's skip it). Now, none of the report shows any activity for the Lender B, but the Transaction List for the Supplier (Lender B) shows the payment, but not the principal transaction.
The only way to see both and figure out the status of the loan is to go to Accounting/Chart of Accounts, find the account, display activity, and filter the supplier, download to spreadsheet and run a sum.
I believe there should be a report, straight from Suppliers page, showing all the activities related to a supplier, regardless of the accounts: The loan history throughout liability types.
It looks like for some reason, some accounts (including Long Term Liabilities) are excluded from any reporting based on the Name/Payee attached to transactions. I do not understand why. Am I approaching the whole accounting of the long term financing wrong?
