Does anyone know why my business interest expense does not show up on the P&L Statement?

We pay 5 loans (P&I). The loans have been setup with the amounts split between principal and interest but when we run a Income Statement no interest expense is showing. I guess I have set up the category incorrectly but no one at Quicken has been able to help.

Comments

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭

    To be included in business reports (and I don't know where else) you have to assign the category to a schedule C tax line item number.  To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C.  Then select the category and right click on it to Edit it.  Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item.

    I'm staying on Quicken 2013 Premier for Windows.

  • BTabb
    BTabb Member ✭✭
    Thanks. I am trying to follow but having a hard time completing the task. I will continue to work on it.

    Appreciate your help
  • chitownhockey
    chitownhockey Member ✭✭✭✭
    If you already have a business interest category set up in Quicken, go to Tools > Category List and find that business interest category.  Then click on the arrow to the far right and select "Edit".  From there select the Tax Reporting tab.





    Make sure the Tax related category is checked.  Then select Extended line item list.  Scroll to all the Schedule C tax line items from the drop down list and select Schedule C:Interest expense, other.  Then select Save.

    Now, your business interest amount should show in any business related reports.  The key to show ANY business related income or expense in Quicken is to assign a Schedule C tax line item to the category.  Quicken ONLY recognizes Schedule C tax line items in business reports and business tax reporting and planning.  

    See the first image in my post regarding all the business categories that have Schedule C tax line items assigned.  
  • BTabb
    BTabb Member ✭✭
    Oh wow! That worked. This has been a difficult task. I am not sure why Quicken was us to work this hard because to me an "expense" is an "expense". It makes me wonder if I have messed up some other accounts.

    Anyway, thank you both. You accomplished what the Quicken folks could not fix for me
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