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| Setting up an account that I pay down monthly. https://www.splasm.com/forum/viewtopic.php?f=3&t=6659 |
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| Author: | brucees [ Fri Jan 06, 2017 4:01 pm ] |
| Post subject: | Setting up an account that I pay down monthly. |
The starting balance on a debt I owe a business is, say $1,000. I pay down the debt at $50 per month. How do I setup such an account? Is the starting balance a plus(+) or minus(-) dollar amount? Are monthly entries positive or negative amounts? Thanks. |
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| Author: | prider [ Fri Jan 06, 2017 4:45 pm ] |
| Post subject: | Re: Setting up an account that I pay down monthly. |
Having never down this kind of thing myself, my guess is that it is much like setting up a credit card account. The balance you owe is a negative and should be entered as a debit (you'd want to begin the account in CBPro with a $0 balance). I.E. say your $1000 is for s new computer, just enter that as the first (and only?) debit transaction. That would give you your -$1000 balance. you would then pay that down by adding credit or deposit transactions. This would make your balance owed less after each entry. You can easily enter these as transfers between accounts in CBPro. Seems to me this should work for you. Good luck! |
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| Author: | brucees [ Fri Jan 06, 2017 5:30 pm ] |
| Post subject: | Re: Setting up an account that I pay down monthly. |
Thank you, prider. |
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