Loans [guide]

Guide contents: Setup | Workflow

This guide will review best practices 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) set up 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'.