Is there a way for employees to look up or receive pay stubs when paid by direct deposit through Realm payroll?
Accounting105 followers12 questions27 posts
105 followers
12 questions
27 posts
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Question
Accounting
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.
So 1 - how do I comment on a question or comment, and 2 - John Brown - does your auditor approve.
Answer
Accounting
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
