Loans and Repayments
Annmarie
28 steps
51 seconds
Myfundaccounting
The following steps will assist you in managing loans and repayments.
**Loan from a third party** - A from a third party such as the bank should be recorded using the below steps. The balance will be allocated to a liability account as you owe money to a third party.
1
Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)
2
Click "Transactions"
3
Click "Transaction assistants"
4
Click "Loans and repayments"
5
Click "Loan from a third party"
6
On Step 1 select the liability code
Tip! Accounts payable or Loans received are accounts that could be used.
7
Click "Next Step"
8
In Step 2, choose the current asset that you wish to use.
9
Click "Next Step"
10
In Step 3, input the date, provide a reference, and enter the amount of the loan
11
Click "Next Step"
12
On Step 4 select the fund that the transaction should affect
13
Click "Next Step"
14
On Step 5 confirm the selections that have been made > Once ready click "Save & Post"
Repayment to a third party
Use the below steps when you need to record that a loan has been repaid partially or in full
15
Click "Loans and Repayments"
16
Click "Repayment to a third party"
17
On Step 1 select the current asset from your list that has been used to repay the loan
18
Click "Next Step"
19
On Step 2 in the upper section, select the liability code that should be used to record the capital amount
20
On Step 2 in the lower section select the expenditure code that should be used to record the interest
21
Click " Next Step"
22
On Step 3, Enter the date and a reference. Enter the amount of Capital and the amount of interest
Tip! If no capital or interest is recorded then leave the amount as 0.00
23
If a cheque was issued click "Add Next Cheque" to auto- fil the subsequent cheque number
24
Click "Next Step"
25
On Step 4 select the fund that the repayment should affect
26
Click "Next Step"
27
On Step 5 confirm the selections that have been made > Once ready click "Save & Post"
28
Click "Save & Post"
Loans and Repayments
Annmarie
28 steps
51 seconds
Myfundaccounting
The following steps will assist you in managing loans and repayments.
**Loan from a third party** - A from a third party such as the bank should be recorded using the below steps. The balance will be allocated to a liability account as you owe money to a third party.
1
Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)
2
Click "Transactions"
3
Click "Transaction assistants"
4
Click "Loans and repayments"
5
Click "Loan from a third party"
6
On Step 1 select the liability code
Tip! Accounts payable or Loans received are accounts that could be used.
7
Click "Next Step"
8
In Step 2, choose the current asset that you wish to use.
9
Click "Next Step"
10
In Step 3, input the date, provide a reference, and enter the amount of the loan
11
Click "Next Step"
12
On Step 4 select the fund that the transaction should affect
13
Click "Next Step"
14
On Step 5 confirm the selections that have been made > Once ready click "Save & Post"
Repayment to a third party
Use the below steps when you need to record that a loan has been repaid partially or in full
15
Click "Loans and Repayments"
16
Click "Repayment to a third party"
17
On Step 1 select the current asset from your list that has been used to repay the loan
18
Click "Next Step"
19
On Step 2 in the upper section, select the liability code that should be used to record the capital amount
20
On Step 2 in the lower section select the expenditure code that should be used to record the interest
21
Click " Next Step"
22
On Step 3, Enter the date and a reference. Enter the amount of Capital and the amount of interest
Tip! If no capital or interest is recorded then leave the amount as 0.00
23
If a cheque was issued click "Add Next Cheque" to auto- fil the subsequent cheque number
24
Click "Next Step"
25
On Step 4 select the fund that the repayment should affect
26
Click "Next Step"
27
On Step 5 confirm the selections that have been made > Once ready click "Save & Post"
28
Click "Save & Post"
