Forum Discussion
georgieh
5 years agoExperienced Cover User
Hi everyone,
I've found this to be a great reference, but I'm missing a step. The same issue was mentioned above but I can't see a clear answer/instructions.
I have set up Unexpired Interest for the entire interest amount, and have the amortisation schedule.
I have been put the monthly interest amounts against the unexpired interest, but as someone mentioned earlier, this increases the liability.
What entry do I need to reflect the interest expense, as well as bring down that liability as each month goes by? (A screenshot would be great - I'm self-taught!)
Thanks,
Georgie