Outgoing personal loan clarification

[Tony Vanson]

Hi all,
First time here, so please excuse my accounting ignorance.
Whilst I understand some of the GnuCash basics, I have a problem which I’m hoping I can get some help on.
I’m currently residing overseas and we employ a staff member.
This person has asked for a personal loan, which I have given, paid by cash from my bank account
I shall use generic amounts for the details.

This person is paid a total 600.00 per month, split 300.00 paid on the 11th and 25th of each month.
The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 months. I do not charge interest.
So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash with 250.00 being for the loan repayment.
My question is: how do I enter this in GnuCash?
I already have a bank account and have set up a ‘money owed’ account as an asset which shows the 2000.00 owing.
I have also set up a ‘loan repayment’ account as income.
Hopefully someone can advise me the particular steps I need to follow for what entries go where, particularly in regards to the 25th of the month items.
Cheers


Sent from Mail for Windows 10



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