Adding Loan Amount to wave

alexciaica

Hi,
Can anyone help with adding a loan amount into wave. Also, I need to record when a payment is made toward the loan balance. Please
Thanks

Mikeg

@alexciaica,
First create the loan in your chart of accounts under liabilities. You will need to know where the proceeds of the loan went, for the debit (it will either be an asset or equity) and you would credit Loan Payable. If you provide some details, be happy to assist.

alexciaica

Hello Mike,
Thanks for the reply. Yes, I would like you to assist. What details would you need? How much does it cost?

Mikeg

@alexciaica,
I have a rate of $75 per hour. After thirty years I'm pretty fast.
With regards to the loan, if the business took out the loan then the debit is wherever the proceeds were used. So for example if you bought a car, then debit the asset. If the owner contributed the loan i.e. the business is taking over payments, then you would debit owners equity.

alexciaica

Thanks, Mike for providing the quote. One more question. Do you know how much it takes for the Wave payment to receive int othe bank account?
I have scheduled recurring payments through Wave. On 1 October, the recurring charged the customers. Today I have received only a fraction of the amount charged. Do you know if this is normal?

Mikeg

@alexciaica
That I do not know. You may want to reach out to any one of the admins on the forum to get a better understanding of the timing of payments. I can be reached directly at mike@mgfinancial.net if you would like some assistance. I've helped many other Wavers get their books straighten out.

alexciaica

Sure. I will contact you soon for assistance. Thanks for offering.