Loans and Repayments
- Annmarie |
- 28 steps |
- 51 seconds
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.
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Navigate to [https://www.myfundaccounting.online](https://www.myfundaccounting.online/dashboard)
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Click "Transactions"
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Click "Transaction assistants"
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Click "Loans and repayments"
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Click "Loan from a third party"
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On Step 1 select the liability code
Tip! Accounts payable or Loans received are accounts that could be used.
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Click "Next Step"
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In Step 2, choose the current asset that you wish to use.
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Click "Next Step"
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In Step 3, input the date, provide a reference, and enter the amount of the loan
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Click "Next Step"
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On Step 4 select the fund that the transaction should affect
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Click "Next Step"
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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
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Click "Loans and Repayments"
