Hi Peter, my bank account figure doesn’t tally with my closing balance and the total liability figure is also out. This is due to the fact that the outgoing for the bank loan payment is not being accounted for. How or where do I enter the outgoing for the bank loan?

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Hi Peter, my bank account figure doesn’t tally with my closing balance and the total liability figure is also out. This is due to the fact that the outgoing for the bank loan payment is not being accounted for. How or where do I enter the outgoing for the bank loan?

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Peter Connor ⋅ Staff November 15, 2016
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Hi. We’re not accountants so can’t advise on that. Your account will advise you.
All our accounting logic is correct and heavily tested.
Tks. Pete.

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  1. kierala November 15, 2016
    Hi peter
    Thank you for replying but this wasn't an accounting question, we were wanting to know about how to make loan repayments in bullet hq., how it worked functionally.
    I have googled it and found the answer ...I believe that the loan needs to be set up under 'Money In' , 'Add Grant/Loan' with loan amount etc... in order to be taken into account.
    Thanks
  2. Peter Connor November 15, 2016
    Sorry Kiera,
    Loans can be structured in lots of different ways I thought you were looking to bye pass the workflows to use Journal Entries, we can't advise on that stuff.
    But if it's a standard loan, Money In will do the trick.
    Thanks Pete

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