SETUP MY OLD LOAN (WITH BANK) ACCOUNT INTO MY WAVE ACCOUNTING
Afiq
Member Posts: 1
Hey guys, I'm a newbie here .. I already used this wave accounting since January 2020. This is my first time recording my accountant properly. so today I just want to go to the next part of my accounting which is tracking my loan bank. I already made this loan since 2015. So should I go back record my accounting based on the timeline of my old loan bank in 2015 or I just continue with fresh start accounting since early 2020. If I have to go back record/recall all my transactions since 2015 due to my loan bank contract, unfortunately, I don't remember all transactions I had made before.
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Comments
Hi @Afiq , thanks for your message! You don't need to go back and do all of your transactions for prior years if you don't want to, but generally, it would likely be best practise to a) record this loan deposit on the actual date it happened by back-dating the transaction, and b) perhaps entering adjustment entries for that same year, to ensure the books at that time are at least the right balance even if all the transactions are not listed. That said, an accountant will be best able to advise on this type of question - we here in Support aren't accountants and so can't offer this type of advice officially. Thanks for this great question!
Learn more here about recording loans.
Learn more here about adjustment entries.