Loan & Repayment

1

I got a short term loan, repayment within 9 months at a fixed interest rate of $a

How do I account this since currently I am only serving the fixed rate and have not started paying the principle

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2

Just post the payment to an interest expense account. If you were paying both interest and principal, you would enter a two-line payment transaction, one to principal in the form of a loan liability account and the other to interest expense.

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3

How do I post the payment to an interest expense account?

4

First, you have to create the account if you don’t already have one. See the Guide: Add an ordinary account | Manager.

Then spend money: Record a payment | Manager. Choose the account you just created.

You may also benefit from reading these Guides:

https://www.manager.io/guides/8965
https://www.manager.io/guides/9181

5

Please explain method of create a categories.

6

please read the guides.
https://www.manager.io/guides

7

Thank you for the above link.
I have a bank loan with interest, How to create an account received loan and repayment method please?

8

Read the Guides already linked to in this thread.

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