Are you doing your personnal accounting?

It is for a client who has her own business which is a proprietorship so yes, personal accounting in UFile

I would suggest her to have separate bank accounts, one for her personnal thingsand the other for business things.

I don't think interest on student loan is a business expense, so I would enter the total amount (capital and interest as a personnal withdraw. (GL number beginning with 3xxx)

I don't think car loan is a business expense either, so a I would enter it in personnal withdraw too. At the end of the year she could claim as car expenses a part of this, but see the regulations in effect for this

Regards,
Danielle

Thanks Danielle. I just need to know the offset account on her student loans. A proprietorship is just done on a personal tax return and this is her only income. She claims her interest paid on student loans and interest on car payments to the bank loan. The offset account on her car loan is the car payment in Expenses. I just need to know the offset for a student loan when it is initially entered. Monthly would be her bank account but is an expense from well before she started her business so can't offset to her bank account at the outset as she didn't withdraw that amount in 2016.

Ok then ,short term liability for the student loan, as I understand that it is the last year of it, so a GL number in the 2xxx range, at the beginning of the range (sorry, I dont have the chart of account of a sole proprietorship in place) .
Interest on a student loan is a personnal expense, but you can "claim" it on the tax return. It is not a business expense.. Monthly, credit bank, debit interest (expense account) and debit student loan. This should fit the bank statement.

For the car, when you buy, car in a gl account number in the range 1xxx, and loan in a gl account in the 2xxx range. Monthly, credit bank, debit interest, debit loan. It should fit the bank statement.