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Re: Modifying A Loan Amount

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July 19, 2013 09:22AM
San,

If it is just a principal balance adjustment - then you can follow these steps:

1. Go to Accounting-Payments & Purchases-Record Payment/Purchase.
2. Vendor can be you or bank. Some even setup a Vendor called Adjustments as an example. Enter date and description.
3. Click onto the Loan Payment button. Select correct loan account name. Enter a neg or positive principal payment ONLY to get balance on track for the ending balance. Click OK.
4. If not because of a wrong interest expense - click on the other expense and payments button.
5. Enter the opposite balance from stpe 3. Change account option of left to Other accounts and highlight your Equity account. Keep in mind if your books are setup as a partnership you may need to do this step for correct portion percent to each partners equity.
6. Total purchases will be zero. Click Record and Done.


Hope this helps!

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Modifying A Loan Amount

farmer319July 18, 2013 10:34PM

Re: Modifying A Loan Amount

KathyClineJuly 19, 2013 09:22AM

Re: Modifying A Loan Amount

Mitch KonenJuly 19, 2013 11:57PM



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