Record a loan payable and interest income

  • Sumo

Mr. V. says:

I am trying to open a symple business. I have two doughters, I lend them money, they pay me back on a monthly basses with 5% interest on the unpaid balance. I need help setting up the Chart Of Accounts for these transactions. I opened a new checking account just for this function.

(Equity) Loans Payable – Daughter 1
(Equity) Loans Payable – Daughter 2

(Income) Interest Income – Daughter 1
(Income) Interest Income – Daughter 2

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