IMPORTANT INFORMATION FOR OUR RECKON USERS REGARDING SINGLE TOUCH PAYROLL PHASE 2

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Bank Loan with Statements

Kim HornKim Horn Member Posts: 18

Hi, we (my boss) took out a Bank Loan to buy our business. The funds didn't get deposited into our "working" bank account as it was paid directly to the seller.

Our accountant has said he would like to see the Loan Payments

& Loan Interest amounts in the P&L.

I set up the Bank Loan as a Bank account in the Chart of

Accounts as we get Loan Statements which I'm assuming I'd need to reconcile.

I've entered the Loan Drawdown as a general journal. Credited

the Bank Loan Account, Debiting Opening Stock & Opening Balance Equity (all

with NO gst).

I’ve set up “Expense Accounts” for the Loan Payments & Loan Interest.

I was entering the Loan Interest as a general journal. Credited the Loan Account & Debiting the Loan Payment Expense account. Seems to work fine.

I was entering the Loan Payment as a general journal. Debiting the Loan Account & Debiting the Loan Inetest Expense account. 

I was able to reconcile the Loan account. But I’ve just found that I haven’t accounted for the funds coming out of our working account.

If someone could help me that would be very much appreciated. (Self-taught reckon user-that could be the problem LOL)

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