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To record the payment on a loan, you or QuickBooks makes a journal entry like the one shown in Table 3-15. Suppose that in connection with the loan shown in Journal Entry 13, you need to pay $2,200. Further suppose that this amount is for $1,200 of loan interest and $1,000 of principal. In this case, you debit loan payable for $1,000, debit loan interest expense for $1,200, and credit cash for $2,200.

TABLE 3-15 Journal Entry 15: Paying a Loan Payment

Account	Debit	Credit
Loan payable	$1,000
Loan interest expense	1,200
Cash		$2,200

Sometimes, the tricky thing about loan payments is breaking the payment amount into its principal and interest components. Ideally, the lender will provide you an amortization schedule that breaks payments into principal and interest.

If a lender doesn’t provide such an amortization schedule, you can calculate the interest expense yourself by using either a spreadsheet or a calculator. In Microsoft Excel, right-click any worksheet tab, choose Insert from the shortcut menu, and double-click the Amortization Table on the Spreadsheet Solutions tab of the result dialog box. Then, after you’ve calculated the interest expense, you can deduce the principal component by subtracting the interest from the payment amount.