How do I code the principal payment and interest on a short term loan in the General Fund?

Since this is a short term loan, the repayment of interest and principal will be coded to different functions:

  • The interest payment should be coded as 01-2-02510-835¬† (Function 2510 Fiscal Services, Object 835 Interest on Short Term Bond)
  • The principal payment would be coded under 5000 Debt Services¬† (Function 5000 and Object 831 Redemption of Principal)

If this would have been a payment for a long term loan, the coding is would be in the same function-Debt Services:

  • The interest payment would be 01-2-05000-835¬† (Debt Services Function Code and Object 832 Interest on Long-Term Debt)
  • The principal payment would be 01-2-05000-831 (Debt Services Function Code and Object 831 Redemption of Principal)