Setup | Workflow

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.

Setup

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.

Workflow

Initial Loan Entry

Enter a Journal Entry that debits your Bank Account and credits the Loan Liability Account.

Payment Options

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.