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If the preceding example had a maturity date at other than the December 31 year-end, the $1,000 of total interest expense would need to be recorded partially in one period and partially in another. Discount amortization transfers the discount to interest expense over the life of the loan. This means that the $1,000 discount should…

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Recording transactions this way provides you with a detailed, comprehensive view of your financials—one that you couldn’t get using simpler systems like single-entry. If you’re not sure which accounting software application is right for your business, be sure to check out The Ascent’s in-depth accounting software reviews. This is how you would record your coffee…

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