Forum Discussion

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

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
    2 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.

Tracey_H's avatar
Tracey_H
Former Staff
2 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
    2 years ago

    Hi Tracy,

     

    The loaned money went straight to the supplier where we bought the equipment, so I did not create Receive Money. I created General Journal and my problem is why is it in our Balance Sheet the outstanding amount doubled? Even if I have entered the full payment in Spend Money, the Balance Sheet still shows we owe the full principal amount.

     

    Thanks,

    Shepai

    • Tracey_H's avatar
      Tracey_H
      Former Staff
      2 years ago

      Hi Shepai-8-2017 

       

      Recording asset purchases and loan repayments can be complex, so we do recommend speaking to your accountant for the applicable transactions. The Forum post, Capital purchase and Finance, has general information on this topic. This post does refer to AccountRight, however, it will give you an idea of how these transactions would be recorded.

       

      Please let me know if you need further help.

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