Trying to setup accounts from this financial year.
Searched the forum and still struggling to set this up.
It is a Business Bank Bill loan.
In Manager.io I deposit funds into the loan account(liability) from a transaction account and it shows up in the Debit column.
There is also monthly interest charge to the loan account.
Say the loan amount is currently 100k, and the monthly deposit from the cash account is $1000 and the monthly interest charge is $500.
How exactly should this be set up?
If I set up a liability account and use a negative eg -$100,000 the funds appear in the debit column. The deposit from my cash account shows up in the debit column as well so it adds to- 100000+ -1000 adding to -10100 which doesn’t reconcile with my loan statement.
What am I doing wrong?
On the loan statement from the bank The balance is minus. The monthly deposit is shown positive in the credit column and the interest charge is shown as a negative number in the debit column.
How do I get all this to match up?
Cheers for any help.