Hi,
Please how do i deal with Loans in Manager?
kindly help.
thanks.
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 when creating the account.
To receive a loan, go to Cash Accounts, Select the cash account the loan will go to, and Receive a payment to the cash account (Received In), and select the Loan account you created (Account) for the loan funds to be entered into.
Making a loan payment is basically the same, just select Spend Money instead of Receive money.
If you mean that your business will be making a loan to someone else, you can create the loan account as an Asset account rather than a Liability account, and follow basically the same procedure as above.
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Dear pcal,
Thank you very much for this great information. It is very easy to follow.
Best regards,
Emmanuel.
Hello!
I would to recommend also use for that “Special Accounts”
On the left (down) you can see Customize - click on it
check Special Accounts
go to Settings - Chart of Accounts, and create a Liability Account for the Loan
check Control account
Made up of - choose Special Accounts
go to Special Accounts on the left and create new Special Account and match it with Liability Account for the Loan
You can create many Special Accounts and match example all them with Loan Account
I think so its much easier to have a good overview if you have different loans and you want track them
Have a nice day
Gunnar
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