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info1834
Level 1

Took BBL repayment holiday. Have "BBL" set up in chart of accounts. How to record 6M of additional interest so balance is correct, no repayments made in that time?

Bounceback Loan is recorded as Liability account. Previously balance tallied up as recorded expense for interest with the loan repayment from the current account banking feed. No repayments were made for 6 months, how do I update the balance owed? (Tried to record the monthly additional interest as an expense, but this isn't something that has been paid and makes my current account balance incorrect).
1 REPLY 1
RMerrill
Level 2

Took BBL repayment holiday. Have "BBL" set up in chart of accounts. How to record 6M of additional interest so balance is correct, no repayments made in that time?

I would journal the interest to increase the BBL account balance accordingly and debit the interest expense account.
Hope this helps

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