Set up a Loan Account

Back Top Previous Next

The following explains how to set up a capital loan account.

 

Set up a liability loan account in the general ledger – usually a 2-XXXX Long Term Liability.

 

businessloan

 

Add a 6-XXXX Expense account for loan interest and loan bank fees.

 

businessloan1

 

Add a deposit entry, and bank funds into the desired bank account. Post to the new liability general ledger account using tax code X.