How do I record interest on a loan. I dont have Loan Manager on my version thanks
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Karen Webber
Member Posts: 3 ✭
How do I record interest charged to a loan (liability account). I don't have loan manager on my version. Thanks
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Are you familiar with the way the account registers work? It can be quite simple if a little tedious. Have you set the loan up as a liability? Do you have the loan statements from the financial institution?0
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I'm pretty good with most things. I have set it up as a liability and do have the statements. What next?
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following as my loan manager has gone as well
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Hi Karen,
Since your loan is set up as a liability (which is correct), clearly you can't use the write cheques function as you could with a bank account.
So you will need to do a journal entry (company drop down menu).
One side of the entry will be your interest expense account (debit) and you can pick up your tax code (if applicable), and the other side will be your loan account (credit).
Unfortunately by using the register as mentioned previously you are unable to pick up a tax code for your BAS reports.
Kind regards,
Sally McIntosh (sally@samsolutions.com.au)
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Thank you so much. I've just done the transactions an all worked.
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