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Hello
I'm struggling with how to account for a loan repayment. My client is a charity who made a 10 year loan of 25000 and repay 1250 (plus interest) every 6 months. They set up a fund for these repayments so when they pay an installment I have to account for the both the loan a/c and the fund a/c, but can only offset one of them from the cash a/c. Let's forget the interest for simplicity. I have
Cr 1250.00 (bank a/c)
Dr 1250.00 (loan a/c)
Dr 1250.00 (fund a/c)
Cr 1250.00 (??? a/c)
I've obviously got my wires crossed somewhere. Any clues?
Thanks
Edited at 16 Jun 2017 07:34 AM GMT
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