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.
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.
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'.