Bank Feed for Loan Transaction
Am I able to use the Bank Feed option for loans? I would like to avoid any manual entries. Desktop Pro version
I import the bank statements and the payment that is shown goes toward the liability account. It is not broken down into principal and interest on the bank statement. I then want to bring in the loan statement, where it is broken down into principal and interest which creates a general journal entry. I would like the interest payment to be deducted from my liability account thus making the balance correct and to also post to my expense account.
I can't get it to post correctly in the journal entries, credits & debits are switched.
Has anyone been able to do this without any manual entry? l
