does anyone have any advice on how to record repayments on a MCA loan (Merchant Cash Advance)??
Every card payment is now subject to a percentage deduction before it hits our bank account.
therefore, If I record the full sale value, and then record the fee portion as an expense to the loan account the bank won't reconcile.
The other option is to record the full value of the sale, then minus 'sales' in the receipt to the appropriate value so the bank will match the depoist and then a journal entry which debits sales and credits the loan account, but them I'm sure dedicting sales twice!? Any pointers welcome..
Thanks.
