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margkout's avatar
margkout
Contributing User
6 days ago

Loan Disbursement

I need to enter a short term loan facility that will pay for stock. The lender is paying directly to the supplier and there is a due date to pay the lender out i.e. 60 days. How do I input from the lender into MYOB to facilitate payment of the invoices that we have got short term loan for. We haven't directly received the cash but we will need to pay out the loan with interest on a specified date - if that makes sense.

Basically I need to account for the loan to pay off the month suppliers (there is only 1 supplier to pay not multiple) so that the GST is captured and it be on the MYOB for when the debt needs to be paid. 

 

Thankyou Margaret

1 Reply

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    5 days ago

    Hi margkout,

     

    That’s a really good question, and it does make sense.

     

    With a setup like this, recording the loan and the repayment side of it does need to be handled carefully, especially as it can affect things like GST and which account/category the loan is linked to. Because of that, it’s best to check with your accounting advisor first so it’s set up in the way that best fits your books. We do have some info and steps around recording loans and repayments that may be helpful as a starting point.

     

    Hopefully one of our expert members here can also share some guidance based on their experience.

     

    Cheers,

    Princess

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