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Purchase Loans

Purchase Loans

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Purchase Loans

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If you have a Loan for an item (New Van etc) you would normally do the following:

Create a Loan Balance account - Select Accounts / Nominal, highlight 'Balance Accounts', select New and give it an appropriate Name and Description

Create a Purchase transaction for the item being purchased under the company you are purchasing it from. You would normally enter the total amount (Including any deposits) and the total Tax. Mark it Paid by the loan account.

For any Deposit amount(s), create Journal(s) from the account it was paid from, to the Loan account

Each time you make a payment, create a Journal from the account you are making it from (eg: Bank account), to the Loan account

There are 2 ways to handle interest and Admin amounts. If you are paying the interest with the capitol repayments you may want to create Purchase Transaction entry(s) for the Interest it under the appropriate Interest expense Nominal and then mark paid by the Loan account.   If there are charges that you have to pay separately still create Purchase Transaction(s) for them under the the appropriate Nominal (eg: Interest) and then mark paid directly by account it was paid from (eg: Bank Account).

You can view the Loan Account in Reconcile or Nominal to show the payments and the balance that is outstanding