How do I record interest on a loan. I dont have Loan Manager on my version thanks

Karen Webber
Karen Webber Member Posts: 3
edited February 2017 in Reckon Accounts (Desktop)
How do I record interest charged to a loan (liability account). I don't have loan manager on my version. Thanks

Comments

  • Kevin V. Russell
    Kevin V. Russell Member Posts: 265
    edited June 2015
    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?
  • Karen Webber
    Karen Webber Member Posts: 3
    edited September 2014
    I'm pretty good with most things.  I have set it up as a liability and do have the statements. What next?
  • Jennifer Bennett
    Jennifer Bennett Member Posts: 2
    edited September 2014

    following as my loan manager has gone as well


  • Sally McIntosh, Accredited Consultant
    Sally McIntosh, Accredited Consultant Accredited Partner Posts: 468 Accredited Partner Accredited Partner
    edited February 2017

    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)

  • Karen Webber
    Karen Webber Member Posts: 3
    edited September 2014
    Thank you so much.  I've just done the transactions an all worked.