Hi
My client has created a loan account under long-term liabilities in QBO. The loan amount received is categorized into the long-term liability account, and the repayments of the loan are being categorized into the same loan account.
Is this categorization appropriate? Or do these need to be recorded into the interest/loan repayment expense category and then, at the end of the year, adjust the loan (liability) account through a journal entry?
Thankyou
Regards,
Marufa
