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Categories AgExpert Accounting AgExpert Analyst
Created by AgExpert Support
Created on Jun 8, 2024

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Hi there,
I was wondering how to adjust loan interest at year end? For example, I entered my vehicle loan payment each month as part of my monthly bank reconciliation, however, I didn't know the principal/interest breakdown until I received the annual disclosure statement at year end. How can I make this adjustment in agexpert, please?

  • ADMIN RESPONSE
    Feb 10, 2025

    Hi Leslie! If the vehicle loan amount was overpaid, you can do a General Journal entry and credit the vehicle loan account and debit your loan interest expense account. If the interest expense account was overpaid you would just flip the credit and debit.

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