Quickbooks – How to Record a Loan Payable and Interest Income

learnquickbooksfree.com Mr. V. says: I am trying to open a symple business. I have two doughters, I lend them money, they pay me back on a monthly basses with 5% interest on the unpaid balance. I need help setting up the Chart Of Accounts for these transactions. I opened a new checking account just for this function. Answer: (Equity) Loans Payable — Daughter 1 (Equity) Loans Payable — Daughter 2 (Income) Interest Income — Daughter 1 (Income) Interest Income — Daughter 2 Check out Forum Posting Article Source: Learn Quickbooks
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