Forum Discussion

Kristelle's avatar
Kristelle
Experienced Cover User
4 years ago
Solved

Loan Repayment Recording that uses 3 accounts

We have a loan that we repay that I want to keep track of in MYOB.  I have set it up as a liability (credit card - so that I can keep track of it). I know how you should normally record the transact...
Accounts
Banking
  • Kristelle's avatar
    Kristelle
    4 years ago

    Hi Tracey

     

    Thanks for your reply. I had the loan all set up correctly, etc. It's only because there are 3 accounts being used for the repayments, that we want to track, that was making it a little difficult. I got in contact with our accountant & he has said I am entering it all correctly. That's a relief!

     

    Regards,

    Kristelle

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

Hi Kristelle 

 

Thanks for your post. I think you're missing a piece of the puzzle which is why it's gotten you confused. There's two sides to a loan, one being receiving the money and the repayments which are tracked using a liability account. The other side is what you spend the money on, typically this would be where an asset or expense account would come into play. 

 

Recording loans and repayments can be complex so I would recommend speaking to your accountant to make sure it's reported correctly.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • Kristelle's avatar
    Kristelle
    Experienced Cover User
    4 years ago

    Hi Tracey

     

    Thanks for your reply. I had the loan all set up correctly, etc. It's only because there are 3 accounts being used for the repayments, that we want to track, that was making it a little difficult. I got in contact with our accountant & he has said I am entering it all correctly. That's a relief!

     

    Regards,

    Kristelle