Loan Repayment Recording that uses 3 accounts
We have a loan that we repay that I want to keep track of in MYOB. I have set it up as a liability (credit card - so that I can keep track of it). I know how you should normally record the transaction, as a spend money, to use the expense account, etc, but because of the repayment for this loan going between 3 accounts & wanting to track each of those accounts, I can't seem to work out an entry to make it go to the expense account. Currently, the entries I do are: The money leaves our main bank account & goes to a loan operating account with a different bank. I just use a transfer money entry for this. Then the money goes from the loan operating account to the actual loan. When I do a spend money entry for this, it uses the loan operating account as the 'pay from' account & the loan as the account number. Is there a better way to record the entries to have it show in the expense account, or is there a journal entry that can be done? If I use the expense account straight up in spend money, then I can't either track that it's gone to the loan. If I use a receive money entry for the loan, I can't track the account the money came from. The interest that accrues on the loan can be entered as a journal entry & thus use the correct expense account, as it just 'touches' the loan. With our repayments, they're going between 3 accounts that I'd like to be able to keep track of. I hope this makes sense. Any ideas?Solved1.2KViews0likes2Comments
