Here’s a tasty little fact: June is National Candy Month!
It’s only fitting, then, that our latest QuickBooks® Online feature brings you a simple way to do something truly sweet — save money.
New! Customize payment accounts on QuickBooks Capital loans
In a nutshell: On future loans through QuickBooks Capital, you’ll be able to group your principal and interest payments into separate accounts. That way, you can write off the interest at tax time and keep the principle from being taxed as income.
How it works: After you accept a loan agreement from QuickBooks Capital, log in to QuickBooks Online and look in the Capital tab in the left navigation.
We’ll ask you to choose:
- The bank account that received the initial loan deposit.
- A loan payable account to track the loan principal.
- An interest expense account to track the loan interest.
Don’t worry, you can change these accounts at any time going forward.
That’s pretty much it. As you make payments on the loan, you’ll be able track the payment activity by category, making it easy to stay organized and save money come tax season.
Source: What’s New in QBO: June 2018, QuickBooks Blog
For more information about QuickBooks Online, please visit the QuickBooks Online website.