Bounce Back Loan Repayment

Accounting
1

Hi
We have just repaid the Bounce Back Loan and tagged it from the Bank account. Although it shows as 0 in the Loan account, it is still coming up as a liability in the balance sheet. Any suggestions how to rectify this issues?

Many thanks

2

How did you tag the initial loan in to the bank? It sounds like you may have missed a step

3

Hi Paul
Many thanks…
I created a Separate Loan account and tagged it from the bank feed as transfer to and from current account. So did I miss a step?

4

So it would have looked like this

Dr loan acc - cr current account

Then when loan was repaid it would be

Dr current account cr loan account.

That should have put the balance sheet to zero.

Where on the balance sheet and what nominal is showing still?

Are you sure you didn’t add an opening balance to the loan account first.

And the balance sheet date is after the loan repayment?

5

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