This ones a bit tricky. Due to the complexity of this loan and since we here at Wave support are not accountants, I suggest reaching out to a professional CPA to ensure you get the best advice on how to track this. They will be able to assist you with your Square loan bookkeeping.
Ok, here is a problem I am having with the above process.
The account in which I want to pay the loan and interest from an equity Owners Drawings / Contributions.
Step #3 above does not display the liability account. The liability account I am paying down is setup under Load and Line of Credit, could this be wrong? Maybe it needs to be in short-term liabilities.
How do I accomplish this? I do not want to make a journal entry each month...
Hi @JaysonWonder Since the account you want to select in Step 3 is set up under Loan and Line of Credit, it should be selectable. Can you please verify if you're able to search for the full account name to see if it yields in search result (even if it's not displayed on the menu?) Thanks!
"Due to the complexity of this loan and since we here at Wave support are not accountants, I suggest reaching out to a professional CPA"
there is nothing complex about wanting to assign two deductions from a payment. no CPA needed, just instructions on how to enter more than one deduction from a deposit.
Hey @mschristine65 If you're referring to recording deduction from a deposit, Wave supports recording discount and fee deductions on income transactions. Please refer to this article for further details.
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Hey @Liliana !
This ones a bit tricky. Due to the complexity of this loan and since we here at Wave support are not accountants, I suggest reaching out to a professional CPA to ensure you get the best advice on how to track this. They will be able to assist you with your Square loan bookkeeping.
Ok, here is a problem I am having with the above process.
The account in which I want to pay the loan and interest from an equity Owners Drawings / Contributions.
Step #3 above does not display the liability account. The liability account I am paying down is setup under Load and Line of Credit, could this be wrong? Maybe it needs to be in short-term liabilities.
How do I accomplish this? I do not want to make a journal entry each month...
Thanks,
Hi @JaysonWonder Since the account you want to select in Step 3 is set up under Loan and Line of Credit, it should be selectable. Can you please verify if you're able to search for the full account name to see if it yields in search result (even if it's not displayed on the menu?) Thanks!
"Due to the complexity of this loan and since we here at Wave support are not accountants, I suggest reaching out to a professional CPA"
there is nothing complex about wanting to assign two deductions from a payment. no CPA needed, just instructions on how to enter more than one deduction from a deposit.
is there a way to do that.
Hey @mschristine65 If you're referring to recording deduction from a deposit, Wave supports recording discount and fee deductions on income transactions. Please refer to this article for further details.