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Accounting
Accounting
105 followers
12 questions
27 posts

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Discussion
Accounting
Is there a way for employees to look up or receive pay stubs when paid by direct deposit through Realm payroll?
Discussion
Accounting
I wanted to comment on a question. I received the question in my emails. When I clicked log-in, it brought me straight here. I found the question and the comment I wanted but it will only let me like the comment. That's not good. I want to know if his auditor approved how he handled it This is about Nina Strickland's question and John Brown's answer.

So 1 - how do I comment on a question or comment, and 2 - John Brown - does your auditor approve.
John Brown
Church Administrator

Budget an "expense" account for the principal payment like you would interest.  Then when you make payments, it's a multi-line entry:

Debit Note Payable principal amount only

Debit Debt Service-Principal "expense" principal amount only

Debit Interest expense for amount of interest

Credit Cash - bank account - full amount of principal and interest

Credit Unrestricted Net Assets Fund (Fund Principal) amount of principal