Recording initial loan receivable transaction and loan repayments
Recording Initial Loan Receivable Transaction and Loan Repayments
Loan Receivable is when someone owes your company. Loan Payable is when your company owes someone.
Loan Receivable is an asset account type.
To Record the Initial Payment of the Loan to an Individual
- Click on the Cashbook icon
- Click Add
- Click on the Payment radio dial
- Enter the loan amount as a negative in the Dissection Details section
- Click OK to save
For example:
To Record a Loan Receivable Repayment
- Click on the Cashbook icon
- Click Add
- Click on the Receipt radio dial
- Enter principal amount in the Dissection Details section
- Enter interest amount in the second line Dissection Details section (if applicable)
- Click OK to save
For example:
To Check the Balance of your Loan Account
- Click on Reports
- Financials
- Assets and Liabilities menu option
- Select the Statement as at: date
- Tick the appropriate check boxes
- Click Print
For example: Balance of Loan
Article ID 1814