Home› Accounting› Accounting Technical Support

How to categorize short-term payday advances?

NMNNMN Member Posts: 13

During the pandemic, I used short-term payday advance services such as Dave, which resulted in about a dozen credits and debits. How do I property account for these transactions?

edited April 22, 2021 in Accounting Technical Support

Comments

  • NancyCNancyC Member Posts: 148 admin

    hey @NMN, how do the dozen or so credit and debit transactions look like? Can you please share what kind of transactions are they (are some the deposit transactions of the advance? What are the other types?) The more information you can provide to the context of the transactions, the better we can try to help!

    edited April 22, 2021
  • NMNNMN Member Posts: 13

    Hi @NancyC, thanks for looking into my question! There are 2 types of transactions: deposits from the advance, and withdrawals for payments made towards the advance.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @NMN , there's a couple of factors here so if this response doesn't seem to solve your situation, I would reach out to an accountant directly to get some help. We do have a Help Center article on accounting for loans which should work for your situation. We also have another Help Center which breaks down a similar process with Journal Transactions which might help, but you said that you have a number of debits and credits so I think the Help Center provided is the better route to go here.

Sign In or Register to comment.