Loan origination fee
I took out a business loan earlier this year from Paypal Loanbuilder. The loan amount was for 7500.00. There was a fixed loan origination/interest amount of 858.06. $7500.00 was deposited to my account, but the total loan amount to be repaid was 8358.06. I already setup the 7500.00 loan in my chart of accounts as a "Other Current Liabilities" with a balance of 7500.00 to be paid (already paid off, but I know how to match the payments from my checking account). My question is, how to I get the loan origination/interest amount of 858.06 added to the "Other Current Liabilities" register? And where does the 858.06 come from?
Thanks!