Best way to enter confusing loan balance and payments to QBO?
So I have a small card/game shop for a client. Im doing 2 years worth of catchup and its been a massive headache to say the least. Client took a 10k loan from Square in April to be paid back within 120 days. Payment comes directly from a percentage of their sales and is taken out before the remainder is deposited to their bank. A monthly minimum is charged if they don't meet it with the sales percentage thing. Client does not keep any receipts. Their only record of transactions is what Square gives them, which they will not share with me. I am entirely reliant on the bank feed and bank statements, and whatever information they occasionally pass my way days or weeks after I ask for it.
Anyway. How would you go about entering the loan payments? Try to calculate actual sales from the deposit amounts and enter as bank deposits? Just one journal entry updating the amount paid to date? Something else?
Thanks.