Final loan balance

I've recently made the final payment on a long term liability. The account balance in Sage still shows an amount owing - I'm assuming the opening balance was entered wrong. How do I set the balance to 0?

  • 0

    The best person to ask about tis is your accountant who handles the year end reporting. You will probably use a general journal to clear the account. However, to make the entry properly you need to know why the excess amount is there. Was the principal not set up correctly? Is the amount really loan interest? It is really hard to say the best way to clear this account.