Hi Team
How to handle Loan account and EMI Payment.
Loan Account is a liabilty
EMI is an Expense.
Please help.
You can use “Journal Entries” tab. Simply create new journal entry which should credit Loan Account and debit “EMI” account
Is there any plans of including loan account in near future
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I am not good at Journal Entries but want to record Loan & Monthly Repayments which includes (Interest & Principle).
Is there a way to record Interest & Principle SEPARATELY in a Menu driven option? I need the Interest part separated because of tax purpose.
Monthly loan repayments should be split so the interest is posted to some Interest paid expense account and the principal amount is allocated to the liability loan account. After the last loan repayment, your liability loan account will be exactly zero.
Loan account statment is not showing how to print loan account report or statement.
What do you mean by “loan account statement?” Where are you looking? Describe exactly what you are trying to print.
I have creat Umar Loan A/c in liabelities, I have receved amount through loan account so many times I need statement of this.
From the Summary, click on the loan account balance. You will see every transaction and can export to a spreadsheet for manipulation and printing.