User Support Forum

I am a new secretary in our Finance Office. We have just financed new church furniture.
I have set up a recurring transaction for the principal and interest to be reduced each month.
The problem is I don't know how to set up a transaction showing the full amount of the loan so that the
payments each month reduce the loan. Can anyone tell me the debits and credits that I should use.
Thank you!

fmbc_1926 wrote:I am a new secretary in our Finance Office. We have just financed new church furniture.
I have set up a recurring transaction for the principal and interest to be reduced each month.
The problem is I don't know how to set up a transaction showing the full amount of the loan so that the
payments each month reduce the loan. Can anyone tell me the debits and credits that I should use.
Thank you!

You may need to delete the recurring transaction unless you have the system setup as described below. While it refers to a mortgage, this applies to any loan with assets that you may have where you are paying principal and interest:

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