Loan Payable is an account payable that you register the amount that you have to pay to someone that lends you, plus interest revenue generated periodically by outstanding balances.
Take a look at this example: you borrowed $100 from John with a 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) Record the value of the loan:
3) Record the interests periodically (usually monthly):
To calculate and record the interest periodically, you can use our Google Sheets Add-on.
The flexibility you need in bookkeeping!