The following explains how to set up a capital loan account.
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Note: If you wish to be able to reconcile the loan account, it must be set up as a Detail Credit Card Account (Postable). |
Set up a liability loan account in the general ledger – usually a 2-XXXX Long Term Liability.
Add a 6-XXXX Expense account for loan interest and loan bank fees.
Add a deposit entry, and bank funds into the desired bank account. Post to the new liability general ledger account using tax code X.
Further information
Charge a Customer an Account Fee
Clear the Historical Balancing Account
Enter ATO Reportable Sub-Contractor Payments
Enter Capital into the Business
Enter Government Support Payments
Enter Prepaid Expenses and Amortising Costs
Remove Duplicate Payments in Closed Period
Share Utility Expenses with other Businesses
Suggested End Of Month Procedures
Understanding Debits and Credits