How do you enter in long term liability loan into QuickBooks Online that has a compounding interest rate and a maturity date?

Answer 1

1. Create a long term liability account first
2. Create an interest expense account second
3. Create a journal entry to record the principal balance of your long term liability
4. Create a journal entry to record the monthly interest expense to date
5. Create a bank rule that splits loan and interest payments between the 2 accounts you created
6. Update the amounts for the split each month when the loan payments comes through the bank feed