When setting up the current portion of long term debt and an amortization schedule has been created and basically the monthly payments are the same, month to month, do you record as the current portion of long term debt the total payments (principal & interest) due in 12 months (or the operating cycle whichever is longer) or do you record the principal portion due in 12 months which would basically require updating this current portion monthly, which is fine I just want to know from a GAAP perspective which is correct. I always thought you record the total payments due in 12 months (or operating cycle) which does include principal & interest but I think this gives a more accurate picture to external viewers of the financial statements of what the entity is legally on the line for at that balance sheet date.