How To Track Borrowing

Question

I'm wondering if someone can help me. My business will be borrowing $25,000 from our personal credit line, but I'm not sure how to track it in Sage. We will be paying the money back with 6.31% interest. Can someone tell me how to put all this information in the system. What will the debits be? What will the credits be?

Thanks

GwG · Accepted Answer

New Loan 
 Bank 25,000 
 Loans Payable 25,000 
 For monthly payments 
 Loans Payable 1000 
 Intrest Expense 100 
 Bank 1100

Keith L · Answer

Hi Clynn, 
 You can find useful information for your question from the link below: 
 www.ehow.com/how_5888172_record-line-credit.html 
 For more accurate information, you may need to consult your accountant or contact one of our accountant partners. You can find one closest to your area from the link below: 
 na.sage.com/.../find-a-consultant 
 Hope this helps.

Keith L · Answer

Hi Clynn, 
 You can follow the link below to get your answer: 
 www.officetodo.com/.../basic-accounting-buying-a-car 
 Again, for more accurate information, you may need to consult your accountant or contact one of our accountant partners. You can find one closest to your area from the link below: 
 na.sage.com/.../find-a-consultant 
 Hope this helps.

Sage 50 Canada

How To Track Borrowing

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