How To Handle Existing Bank Loan In Bullets Accounting Online Software?

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Q: How To Handle Existing Bank Loan In Bullets Accounting Online Software?

For companies moving to Bullet that have an existing loan facility ore dating by a couple of years moving onto Bullet. What’s the best way to handle this.

a) Record the loan as capital introduced to the company. => This would mean would also have to do a manual journal entry to adjust.
b) is there some other way of handling the balance and loan repayments. Was thinking maybe a loan bank account similar to what you suggest for Petty cash in another post.

  1. Peter Connor May 2, 2014
    Hi M, I just say you're comment on the previous loan questions. Let me get back to you on the best way to handle this.
    Pete
  2. maddene May 26, 2014
    Any update?

1 answer

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Peter Connor ⋅ Staff May 26, 2014
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Hi M,
Sorry this slipped our radar. Have you tried just adding a loan in Money In, and creating a bank account (if separate with an opening balance). 
If you’re comfortable journal entries that would be the cleanest way to enter it into our accounts. 
Have you asked your accountant?
Pete

#answer-532

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