Use this schedule to calculate and book interest for multiple types of loans and convertible notes.

The Loan Interest Expense template illustrates the calculation of interest across three loan types, the creation of the journal entries for that interest, and a check against the balance sheet once booked.

The interest schedule illustrates three types of loans. A flat period (month) interest with no compounding, a loan with interest calculated by day with compounding, and an accrued interest loan. Each of these calculate the amounts dynamically and then flow into a journal entry load worksheet.

The load_JEs worksheet is pretty simple. It pulls the information form the Interest Schedule worksheet dynamically based on date and formats the Journals to be loaded to the general ledger. In this case that ledger is Quickbooks Online.

Once the journals are loaded, you can run the check_BS report to verify accuracy, which flows back to the Interest Schedule worksheet to compare directly with the schedule itself.