How do I record payments to a finance loan for a new piece of equipment so I can match the bank transaction.
Please can someone help, I'm new to this. We bought a piece of equipment through finance with no down payment. On QBO I put the equipment as a fixed asset and the financing down as a long term liability. I now need to clear the first payment so my bank account balances but I'm not sure how to register the transactions/interest and the documentation fee. The loan and doc fee was added up from so my finance balance would actually be different to my fixed asset amount. Does this matter? Thank you