accountant

I have taken a loan of $30,000 to buy a car for my organization. Every month I pay $750 (interest + Principal). How do I record and track this loan and interest in Zoho Books?

To handle this , you have to create two accounts (under Chart Of Accounts). One for the Loan’s principal, which would be a Liability Account, and another for the interest which would be an Expense Account.

After creating the accounts, you will have to manually add both the principal and the interest as separate expenses.

To know how to create a new account, click here.

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