I just have a quick question. We had a loan from the bank to buy equipment for the office. It was auto debited from our checking account. The auto-debited amount included principal and interest. The problem is we were not able to record the interest. If we record the interest expense, what would the offsetting credit be?
The offsetting credit is cash (bank account). As it sits, your bank balance in QB is over by the interest expense amount. Crediting cash will reduce it.
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