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Let's say you borrow 1,000, and the fee is 25
use make deposits
line one, liability account, 1,025
line two, fee expense, -25
or
journal entry
fee expense, 25 (debit)
bank deposit, 1,000 (debit)
loan current liability account 1,025 (credit)
Thanks Rustler,
Could you tell me how to enter the fee expense as an expense for tax purposes without it affecting bank account balances? I tried to enter it as an expense to an undeposited funds account which I created as a Current Asset account but got an error message when I tried to save it.
My entries posted it to an expense account
sorry I can not help with your VAT tax system, I am in Texas
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