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January 9, 2023
Question

Bank Feed for Loan Transaction

  • January 9, 2023
  • 1 reply
  • 0 views

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
January 9, 2023

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.