How do you categorize a business credit card interest charge in Quicken Home and Business software so that it?

Comments

1. 2MyTMi says:

   November 13, 2009 at 7:42 am

   Knowing how you have set-up your chart of accounts would be helpful. But here are some possibilities:

   If you are using classes to separate your business and personal expenses code the interest to an expense account, “Interest”, and the business class.

   Without classes, you probably want to set-up an expense account, “Interest-business” and code the payment there, instead. This will keep your deductible interest separate from mortgage or persoanl interest and ease the preparation of your tax return.

   Either way, the interest would be reported on Schedule C, Interest expense.