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Loans and Long Term Liabilities

Solution 1) If you do not already have a GL account setup go to Ledger~>Chart of Accounts~>New GL Account.
(Example: "ABC Bank XXX Term Loan")

2) Then, go to Payables~>Vendors~>New Vendor. Input the company name you received your loan or long term liability. (Example: ABC Bank)

3) Now go to Payables~>Vendor Bills~>New Bill

Insert the vendor name and TOTAL loan amount. Also enter the “Bill into how many equal parts”.
(Example: Total = $10,000, Bill into 10 parts. Monthly payments will be $1,000)

4) Go to Payables~>Checks~>Write Checks~>Write Checks for Pre-Approved.

Apply the principal to one ledger account and the interest to another ledger account.

5) When you are ready to make a payment go to Payables~>Checks~>Write Checks~>Write Checks for Pre-Approved.
 
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Article details
Article ID: 279
Category: Ledger
Date added: 2010-11-16 14:55:15
Views: 325
Rating (Votes): Article rated 3.1/5.0 (31)

 
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