How Do I Set Up A Loan Account?

How Do I Set Up A Loan Account?

Care should be taken when recording Loans and any repayments made on them.

To set up a new Loan Account

1)   Click SETTINGS

2)  Click LOAN ACCOUNT CREATION and complete the boxes.  Boxes marked with an asterisk are mandatory, the others are optional. 

3)  Click Save

After the Loan Account has been created use the Bank Accounts, Transfer function to transfer funds between bank and loan accounts.  Use the same function to move funds between bank accounts, loan account and credit card accounts.  Please refer to the Bank Accounts help for more information. 

Do not use Expenses, Record Expenses function to record loan repayments.  Use this function to record Interest Payments.  Care should be taken to split Loan repayments between Capital and Interest.  Record Capital Repayments using the Transfer function above.




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