Entering payments for the Bill I created

[Shepai-8-2017]

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 appeared as Debit too.

The balance sheet totalled the principal loan plus the payments.

What am I doing wrong?

[Shepai-8-2017]

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]

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.

[Tracey_H · Accepted solution]

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]

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]

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.