It is a fixed asset with depreciation so I read in the guide about setting up a fixed asset and did so. The payment for this vehicle loan comes from the main checking account. I set this loan up as a bank and if I download all the transactions (payments), from this loan account I can split the payment & interest and expense the interest. BUT, That leaves the original payment in the main checking account as suspense.
Could you illustrate how you have the loan setup with screenshots, and provide a walkthrough of your process for recording the payments?
I suspect the most straightforward resolution will be to pay the loan via inter account transfer for the principal amount, and a separate payment from the checking account to Interest Expense. You would not need to import a statement for the loan.
That seems like a very strange way to have done it. The loan is not a bank. In Manager, bank and cash accounts are sources of funds. The loan, on the other hand, is a liability.
Once you have set the loan up as a liability, as you are importing bank statements, payments on the loan will be imported with the rest of your bank transactions. Edit the imported payments to split each one between principal and interest, with the principal posted to the loan liability account and interest to a suitable expense account. (The loan statement should help you know how much is principal and how much is interest. The Fixed total checkbox will help you divide the payment so the total equals what was actually paid on the installment.)
The way you have described what you are doing, you are importing the loan payments twice: once by importing the loan statement and again by importing your bank statement.
As a side comment, now that you have entered the fixed asset, the fact that you purchased it with a loan is irrelevant. Further transactions related to the fixed asset will just be depreciation (until you dispose of it). Future transactions related to the loan are just loan payments, no different than if your business borrowed money for operating cash.
Thanks for the help. I removed it as a bank. It is now setup as a liability and split correctly. Thank you for your help.