Loan Payment (P&I showing on Income and Expense Report)

[JodySmith]

Is there a way in PowerChurch to process a principal and interest loan payment, so both will show up on the Income and Expense Report and reduce the lability on the Balance Sheet? I have setup the Loan as a liability and it shows correctly on the Balance Sheet and the balance is reduced each time I make a payment. I have setup an Interest Expense account to track the expense and this shows up on the Income and Expense. How can I get the principal portion of the payment (the amount entered to reduce the liability account) to show on the Income and Expense Report? This would make the Income and Expense Report more accurate. Currently the report does not reflect the amount of principal paid to loan only the interest. This would also help with the budget reporting. Thanks

[NeilZ]

Is there a way in PowerChurch to process a principal and interest loan payment, so both will show up on the Income and Expense Report and reduce the lability on the Balance Sheet? I have setup the Loan as a liability and it shows correctly on the Balance Sheet and the balance is reduced each time I make a payment. I have setup an Interest Expense account to track the expense and this shows up on the Income and Expense. How can I get the principal portion of the payment (the amount entered to reduce the liability account) to show on the Income and Expense Report? This would make the Income and Expense Report more accurate. Currently the report does not reflect the amount of principal paid to loan only the interest. This would also help with the budget reporting. Thanks

This thread basically tells you how to handle this, the response was by an accountant, who is also an authorized PCPlus trainer. You notice that the principle is not shown as an expense:

https://www.powerchurch.com/forum/viewt ... f=3&t=3993