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View personal banking resources and calculators from Cadence Bank to help you streamline the way you manage your money and improve your financial health.

How do I account for interest paid on a loan?

 

Some institutions send a separate transaction for principal paid and interest paid on a loan, but some institutions only send a single transaction for the total amount paid. If your institution sends a single transaction for principal + interest paid, you can split the transaction. Click on the transaction to open the detail view, and click on + Split This Transaction at the bottom. Use the Fees and Charges category to track your interest paid. You can add a custom subcategory for all your loan payments if you wish. You will need to obtain the amount spent on interest vs. principal from your financial institution. Note: The debt account balance will always be accurate, as the institution sends us the remaining balance regardless if the transaction is displayed.




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