Creating new customer

1

I am small lending organization and i have about 50 customer and i tried to create new customer and create general ledger for my accounts receivables and new loans for new customer I’m really confuse
please help

I have no experience on any accounting software I’m just looking a simple program where i can create and keep records for new loans with interest and payments made to the accounts your help would be greatly appreciate

2

A full lending application would be more suitable but to achieve the result you are aiming for you should do the following:

  1. Create the customers.
  2. Create an asset account under Chart of Accounts named - Loans Receivable.
  3. Issue invoices to the customers for the amounts loaned to them but under the account section of the invoice enter - Loans Receivable.
  4. When you lend the money to the customer enter the account - Loans Receivable.
  5. Create an income account under Chart of Accounts named - Interest Received.
  6. When you issue invoices for interest enter the account - Interest Received.
3

i have tried your suggestion but i still have problem, my clients re-pay on installaments basis in few months so i guess what i need is also payments accumulation and interest calculation, if you would recommend what kind lending software would you advise, just don’t have much money on lending softwares since they can be pretty expensive, your software is great it might work i just need more guidance and step by step walk through, sorry i am asking to much might be but i know you guys are great i greatly appreciate your effort
regards
R&A

4

When clients make repayments allocate the payments to the invoice you created for the loan amount. The interest calculation must be done manually.

5

hey guys
now i have problem with due date, i create invoices with today’s date and due date of course the future few months later and it says overdue, it seemed to be no reading the due date correctly

thanks

6

its me again, i am straggling on how this function, please tony or someone help me walk me through
just pretend that you have 5 customer you lend money to, you charge lets say 18% annual interest, base on that how would you allocate money you lend, money you receive from customers bi-weekly payments, and interest you charge
please i would greatly appreciate if you explain steps by steps i really like the software so far and thinking to buy the server version but before i want to understand for smooth transition
again thank you so much for your time and effort, looking forward your help