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Shepai-8-2017's avatar
Shepai-8-2017
Experienced Cover User
3 years ago

Entering payments for the Bill I created

Hi,   Please help me. I created a bill. I entered the initial payments. I printed the transaction for that particular specific Bill that appeared as Debit.  The payments I entered as Spend Money ...
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi Shepai-8-2017 

     

    The Help Article, Loans and repayments, has general information on setting up and recording loans. If the loan is for an asset purchase, I would recommend speaking to your accountant about how to record that purchase. 

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Shepai-8-2017's avatar
Shepai-8-2017
Experienced Cover User
3 years ago

Hi,

 

I just posted an inquiry about 30 minutes ago.

I found under Purchases > Record payment to supplier, but how am I going to breakdown the payments as into 3 categories as : loan payment & interest & bank fees?

 

 

  • Shepai-8-2017's avatar
    Shepai-8-2017
    Experienced Cover User
    3 years ago

    HI,

     

    Please help SOS

    I entered our bank loan in general Journal:

    Equipment purchased amount in Debit column, I created Fixed Asset Account

    Bank loan equal amount in Credit column, I created Long Term Liabilities Account

    In our balance Sheet, the balance is doubled?

     

     Transaction Type       Debit       Credit              Balance

      General Journal         0.00        25,000.00       50,000.00

      Spend money           900.00         0.00           49,100.00  (entered in Bank loan-Long term liabilities as payment)

     

    Why is the Balance in double amount?

    Even if we already paid the total bank loan, it will appear in the Balance Sheet that we still owe $25,000

    Please help, I want to enjoy my Christmas without this issue.

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