Loan Payable is kind of account payable that you will register all the money that you have to pay to someone that lend you money, plus interest revenue generated periodically by outstanding balances.
In this example, imagine that you borrowed $100 to John with 10% of interest rate.
How to assign loan payment on Bkper?
1) Create the liability account to track the outstanding balance, plus the outgoing account to track the interest revenue:
2) Insert the value of the loan:
3) Insert the interests periodically (usually monthly):
To calculate and record the interest periodically, you can use our Google Sheets Add-on.