I realise there are quite a few existing posts re. this topic, but just wondering if someone can please point me in the correct direction. I have a motor vehicle loan that I would like to record in my Manager. It is an existing loan-let’s say there is $30 000.00 remaining to be paid on the loan.
Initially I set up the loan as a bank account and entered the account with the Starting balance as -$30 000.00 but I have since deleted that account and set the loan up as a liability account, with the starting balance as a credit of $30 000.00.
I have set up the following expense accounts in my chart of accounts:
I have the bank account that is used to make repayments to the loan set up in Manager I can easily make, like the following, which adjusts both the bank account and the liability account to the correct balances.
My issue is, I do not know how to record an expense to the ‘repayment on loan-principal’ expense account-as I want the expense of the loan repayment to display as an expense-if that is at all possible.