How do I record loan payments made for us by the SBA? Other income, increased equity or? Do I still record interest expense for the interest being paid by SBA?
How do I record loan payments made for us by the SBA? Other income, increased equity or? Do I still record interest expense for the interest being paid by SBA?
How do I record loan payments made for us by the SBA? Other income, increased equity or? Do I still record interest expense for the interest being paid by SBA?
create a cash type bank account called SBA
deposit the full amount of the payment made by the SBA in this account and use other income as the source account for the deposit
then make the payment from the SBA account, yes interest is an expense as part of the payment
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