[GNC] A question on loans

[David Cousens]

Mark,

OK so you want to record a single transaction to bring the balance up to
date without recording all of the intervening transactions which you have
not recorded. This is a similar situation to an opening balance on an
existing account. 

The simplest way to manage this is to create an account in
Equity:Loan:UnenteredTransactions and use this as the target account for
your single transaction. Since this transaction increases the loan amount
the following transaction will achieve that

Liabilities:Loan                                         Cr  $30000
Equity:Loan:UnenteredTransactions           Dr  $30000

I would annotate that transaction with a full description of what it does
and the date at which it establishes the correct balance in the account.

If you do decide in the future to enter the transactions you have missed as
per normal,  you would enter them to the appropriate expense and income
accounts as you would when normally recording a transaction at the date on
which the original transaction occurred. At the current date, you would
create a reversing transaction for the amount of the missed transaction you
have just entered.  Say the missed transaction was a loan payment for $500
from your bank account on 10/10/2016 you would create the following entry
recording that payment

10/10/2016    Labilities:Loan        Dr $500
                     Asset:Bank            Cr $500

and a reversing transaction at the current date

22/11/2019   Liabilities:Loan                                         Cr 
$500
                    Equity:Loan:UnenteredTransactions           Dr  $500

to remove that amount from the single transaction accountng for the
unentered transactions. I would annotate it indicate the date of the
previously missed transaction.  

When you have entered all of the missed transaction, the balance of
Equity:Loan:UnenteredTransactions will then be 0.

David Cousens







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David Cousens
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