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Jan 9, 2023 5:27 PM UTC
Question

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

1 reply

BigRedConsulting
Jan 9, 2023 7:01 PM UTC

The Bank Feeds feature only works with Bank and Credit Card accounts.

 

In this case, generally the best method is to record the bank payment as a transfer to the loan account and then add the interest to the loan register.