Hello friends,
I have the following question about how to input a Loan that our company take into Manager.
Today we borrowed $100.000 in cash from a bank.
We have to pay $11.697,74 during 12 months a total of $140.372,88.
How we can input this in Manager?
Create under Setting - Chart of Accounts a Balance Sheet Liabilities account called “Bank Loan”
If the bank is paying you the loan then do a Receive Money with the Account being “Bank Loan”
Then set up a series of Spend Money based on the date of the repayments:
Payment total 11697.74 with two account lines:
First line - Account = Bank Loan with value 8333 (last month 8337)
Second line - Account = Interest Paid with value 3364.74 (last month 3360.74)