Quicken & Other Budget/Accounting Software/Check for mortgage


Hi, first want to say that those are numbers 0 and 8 in my email address.  I am trying to enter a bill for mortgage.  I have the loan set up under long-term liab. How do I enter so that principal and interest are broken out.  Should I have an acct for both interest expense and mortgage-principal as well along with the liab acct.

Lastly, how do I record annul depreciation entries.

Hi Rhonda,
If you want to enter a bill for the monthly mortgage payment that breaks out the interest, you will have to do it manually each month. If you get a statement from the mortgage company each month you will have the correct interest, if not, you will have to calculate it. Remember that interest is calculated from the date that the payment is received, so a spreadsheet might be off a bit for the actual amounts.

To enter a bill for the mortgage payment, use the loan account (long term liability) to enter the principal and an interest expense account (I would call it mortgage interest) to enter the interest amount.
You would not have an expense account for the principal (principal payments reduce liabilities and are not expensed)

To record annual depreciation use a journal entry
credit accumulated depreciation (a contra account under long term liabilities) and debit depreciation expense.

Hope this helps.

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Karin Hostetler


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