Please can you assist on how to open a Loan account, we have received a Loan from a company and not sure how to proceed with this.

A loan to the business is recorded as a Liability account. This is created in Settibgs / Charts of Accounts The money received is recorded using a Receipt transaction Repayments are recorded using a Payment transaction Interest charged would be posted to an expense account

Here is a post made about your question. [image] Loans Assuming you mean for your business to receive a loan from someone else, go to Settings - Chart of Accounts, and create a Liability Account for the Loan you wish to track. You can set an opening balance if required wh…

[Liabilty Loan] Hi, I am unable to find an option to set a beginning balance when creating a Liability Account. I received a loan from an individual and need to make monthly payments without interest.

Assuming you received the loan money amount by bank. Under [Receipts], book the amount in the account [Loan Eric] and indicate in which bank you received the amount. Then in the summary, the general ledger account [Loan Eric] should show a credit amount, and the general ledger account Bank should …

Thank you very much! It worked extremely well.

How to create a loan account

Manager_User August 21, 2024, 7:36am 3

Here is a post made about your question.

Topic		Replies	Views
Loans	4	2571	February 4, 2021
I need to create a account for showing loan receipt from my father into my business	2	182	August 21, 2024
Posting of Bank Loan to the System	8	277	May 12, 2025
Loan Accounts	10	2816	April 12, 2023
How to set up loan account?	2	1630	May 24, 2019

How to create a loan account

Related topics