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Loan Payoff Reconciliation

jloomisjloomis Member Posts: 1

I am paying off a loan I have in Wave Accounting. I have been making monthly principal and interest payments and recording in Wave. Now I am making a final payoff payment. When I enter this payment (principal and interest), my loan balance in wave is a couple dollars instead of zero (due to how interest is calculated). How do I adjust this?

edited June 16, 2020 in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @jloomis,
    If you are sure it is just an interest discrepancy, then create a journal entry and either debit or credit the loan and interest expense for the amount needed to remove the remaining balance.

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