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How to Post Notes Receivable Income and Reduce Notes Receivable in QuickBooks
Published 05/25/2009 | 
We are a mortgage company with Notes Receivable. What is the best way to post? Using Items, I can reduce N/R on chart of accounts, and move it to A/R, when performing monthly billing. Or, I can tie Item to Income account. How do I do both?
Keep in mind, only the interest portion of the payment is income.
So, you should use two items. One for the principle payment that reduces notes receivable, and one for the interest payment which increases income.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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Just got a job that requires quick books knowledge and i am pleased to conact you. Could you send me something on how to handle debtors and creditors accounts? thanks. Herbert
Hi Herbert,
I recommend starting with the videos in Help > Learning Center Tutorials.
Ruth