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Best practice for amortizing debt discount and costs using the interest method?

in Financials – General (READ ONLY) 2 comments

Summary:

What are best practices to amortize debt discount and issuance costs over the life of a loan using the interest method?

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Our company incurred debt issuance costs and discount that we are amortizing over the life of the debt using the effective interest method. Right now we are just uploading manual journal entries using the excel template, but I am curious if there is a best practice or a better way to do this.

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