First of all QB if you are monitoring I am a Pro plus member and supposed to have 24/7 phone support. But once again all of the support numbers claim you are closed until Monday.
The issue and I am using QB Pro Plus DESKTOP NOT QB ONLINE..
I have a Square UP Loan. Number are changed to protect (well) me.
The total amount offered to me was 5803.00 Called the loan Balance.
Of that they paid the 310.00 balance of the previous loan.
The Total borrowing cost was 1080.00
They put the balance 4413.00 into my bank account.
What entries do I need to make.
From the start.
Type of account? Other current liability ( assuming)
What is the opening balance? no matter what I but here the math does not work out.
Thanks in advance for any and all help
You are off $2. Probably a transaction fee.
New loan $5803
Old loan $308
Banking fee $1082
Really high price to borrow $5K.....17%