Record Loan Repayments

Dawood

Hello everyone,

I am new here. I have been using Wave for a couple of months now. I need help with adding Liability.

I took a loan from someone. I do not know how to add full amount of the loan. It is necessary that I know how much loan i have paid and how much is left to paid. I created an account for that but I am not able to add full loan amount here.

There is no interest on that load so I do not need to calculate interest. I just need the full amount to show in that loan account so that there is deduction for every repayment that I make.

Thank you for all the help you can offer!

Mikeg

Dawood,
Were the loan proceeds deposited in the business checking that is in Wave? If so, then you would categorize the deposit to the liability. If the loan was given directly to you and spent on business expenses then you will need to create a journal entry. Debit the expenses the funds were spent and credit the liability. Hope that helps.