This guide will review best practice for managing Loans in Workamajig's Accounting.
NOTE: This is simply a guide, as we highly suggest you discuss this with your CPA before taking action.
Create a new GL Account (Loan Name) setup with a Current Liability Account Type. This way it shows on the Balance Sheet specifically for the Loan.
Initial Loan Entry
Enter a Journal Entry that debits your Bank Account and credits the Loan Liability Account.
1. If ACH, create a Journal Entry to debit the Loan Liability Account and credit the Bank Account.
2. Create a Payment and in the Expenses tab, select the Loan Liability Account.