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Post Info TOPIC: Student Loans PAYE repayments: which type of double-entry account to use?
snuffy


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Student Loans PAYE repayments: which type of double-entry account to use?
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I am a newbie doing my personal accounts in Gnucash software and have on my Student Loans Company statements the repayments via PAYE. 

As the repayment money never touches my other accounts (my job income is entered net) I'm unsure of how to enter the transactions for double-entry purposes. 

I have a 'Student Loan' liability account set up which is debited when repayments are made and am using a 'PAYE Student Loan' income account for the other entry which is credited for the opposite side of the transaction.  Is the right way to go about this please?



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