You can create a new bank loan in “Bank Management” in “Accounting” from the navigation menu.
1. Create a new bank loan using the “New” button.
2. A new bank loan will be created with data to be filled about the loan.
3. Choose the bank the loan will be from.
4. Specify the interest time frame of the loan.
5. Specify the interest percentage of the loan.
6. Choose the type of the interest of the loan.
7. Choose the expense account for the loan interest.
8. Specify the loan amount, date and duration in months.
The “Monthly Payment” and the “Total Loan Due” fields will be updated automatically according to the amount, duration and the interest time frame of the loan. In this case, when the interest time frame is annual, the monthly payment and the total loan due are shown as below.
Otherwise, if the interest time frame is lampsom they will be as shown below.
9. Save the loan and click on “Generate Payments Schedule”.
10. A payment schedule of all the due payments for the loan will be created.
11. The “Loan Expected End Date” will be updated according to the loan data and duration.
12. Click on “Save and Post” and approve the warning message.
13. The status of the loan will be updated to “Approved”.
14. When the loans is collected click on “Collect Loan” and approve the warning message.
15. The status of the loan will be updated to “Collected”.
16. To pay a due payment of the loan choose the payment from the payment schedule and click on “Pay Payment”.
17. A new cash payment will be created with the payment amount and the loan’s expense account.
18. After completing the payment the payment will be checked and the cash payment assigned to the loan payment will be shown.