Setting up my loan in Reckon One
I've tried to setup a loan I took out earlier this year in Reckon One and created a liability account for it. When I checked it out it has been recorded as a credit card liability instead of a business loan. When I try to edit it or delete it won't let me do so. How do I fix this? and more generally am I doing this correctly as a sole trader?
Answers
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Hi @Mannkobe
I'm not an expert in this area but I believe you'll need to delete all transactions in that credit card account and then make it Inactive. It will still be there but won't be shown on-screen and in reports configured not to show 0.00 balance accounts.
Once that is done, go to Day to Day ➡ Business ➡ Chart of Accounts and create a Liability account called Bank Loan. To record the opening balance (the loan amount) you can do a Receive Money transaction on the bank account the money was received.
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