Mortgage entry
Posted: Thu Aug 11, 2022 7:02 pm
Our church got a loan to redo some of our siding. I made the following journal entry.
DB 01-1110 checking 30,000
CR 01-2611 Siding Loan 30,000
Do I set up an expense for the interest and debit 01-2611 when I make a payment?
I don't have our property set up as an asset.
I tried looking at the knowledge base and searching the forums but nothing seemed to apply exactly.
Never mind. I reread a post my JohnDMeyers on Jan 07, 2009 and my question was answered. I hope!
I have to CR checking and DB both Siding Loan and Interest Expense.
Typing this out helped me to think.
DB 01-1110 checking 30,000
CR 01-2611 Siding Loan 30,000
Do I set up an expense for the interest and debit 01-2611 when I make a payment?
I don't have our property set up as an asset.
I tried looking at the knowledge base and searching the forums but nothing seemed to apply exactly.
Never mind. I reread a post my JohnDMeyers on Jan 07, 2009 and my question was answered. I hope!
I have to CR checking and DB both Siding Loan and Interest Expense.
Typing this out helped me to think.