i am starting a new business, i have taken a loan from my friend.
1- how to enter loan
what i mean
that i have inital investment for example 100,000$
and i have purchased old office staff like chairs table etc.
now how i enter that i have this investment as loan which i have to return.
Create an account “debt vs. XXX” in liabilities (BS) in the chart of account. And then under bank or cash account you have to select receive money against “debt vs. XXX”. When you will repay it, you will have to select spend money against " debt vs. XXX"
hi davide thank you for your reply
i have created debt vs. XXX” in liabilities (BS) in the chart of account.
but when i go bank or cash account it don’t have receive money (may be i have updated it to new version)
receive money tab is new tab cash or Bank Transactions. (new version)
now when i click receive money in either cash or bank it give following options
select bank account to pay from
Account (income, expense, liabilites, assest )
You are receiving the money into the bank account. That is the debit side of the transaction. When you select your Debt vs. XXX account in the bank transaction form, that is the credit side.
so what an how i do it
You said you already created the Debt vs. XXX account to record the loan. Just select that account when entering the receipt of the money. See this Guide: https://www.manager.io/guides/7820.
when and which part in receipt i select debt vs
these are things on receipt
Reference number ok
Bank Account which account to select here???
item what to select here?
account what to select here?
Reference number ok
Bank Account which account to select here??? The bank account receiving the loan
item what to select here? Leave Blank as this relates to Inventory
account what to select here? debt vs. XXX
I created this account. When the debt is paid up the liability account disappears from the balance sheet summary.
Is there a way I can get the statement for this debt ?
It sounds like you have set your Summary to exclude zero balances. So first, click Edit and uncheck that box. Then drill down on the hyphen for the account to see the transactions contributing to the zero balance. Then you can copy the list to a spreadsheet.
Or, you could search the Receipts & Payments tab for the Payer/Payee that represents the lenders and copy the results.
Or, you could search the Receipts & Payments tab for the account name and do the same.
I see them now.
Is there any way I can print out a nice statement for my creditor similar to the supplier statements ?
Not directly from the program. You will have to create something in a spreadsheet.