Forum Discussion
LRBooks61
2 years agoUltimate Cover User
Hi
If you have the amortization schedule you can reduce the unexpired interest.
When you record the repayment it should be recorded this way
eg repayment $2500 interest component $250
DR 2-XXXXLoan account 2500 N-T
CR 2-XXXX unexpired interest 250 N-T
DR 6-XXXX interest expense account 250 FRE