Forum Discussion

MPebc's avatar
MPebc
Contributing User
6 months ago
Solved

Splitting loan repayment

Hi, I am trying to split a loan repayment between the principle and interest but I can’t get it to work. What am I missing? Thanks in advance. 
  • Jay-Solo's avatar
    Jay-Solo
    6 months ago

    Hey MPebc​ - back again! I was on the right track. This is related to a constraint in the current transaction matching flow, where you're unable to split it while still in the matching flow. The workaround here is to submit it with one category (example: "Principal"), and then re-enter the transaction and split it once you've saved it (here's where you'd add in the interest piece). 

     

    We've got a keen eye on cases where they pop up, so glad you brought this to our attention 🙌

Jay-Solo's avatar
Jay-Solo
MYOB Staff
6 months ago

Hey there MPebc​ 👋 happy Friday!

 

When recording an expense in Solo, you can use the "Split" expense type to add different line items on the same expense. If these are business related loans, you'll have the ability to declare specific categories for each line item (and you can also make your own under More > Categories!).

 

If it's a personal expense though, you can simply tap "Personal" to record it as such. 

 

As always though, we recommend chatting with the tax and financial experts to make sure you're recording things properly, especially to avoid any potential tax time headache!

I've included more details on recording expenses here, but let me know if there's a specific part of the process you're stuck on, I'll be here to help out 🙌

  • MPebc's avatar
    MPebc
    Contributing User
    6 months ago

    HiJay-Solo​ , thanks for the reply. The only way I can get it to work is create an expense first. I would prefer to allocate the expense by review transaction as there is no invoice. If I go via the review transaction -> manual, there I only have the options of match or categorise. There isn’t a split option. As this is a monthly payment I would prefer a simpler way to record this transaction. Even being able to set up the expense as a recurring transaction would help. 

    I am a regular user of MYOB Accountright & a bookkeeper so hope I am allocating correctly! ;) Just having a little trouble adjusting to Solo … maybe expecting too much?!

    • Jay-Solo's avatar
      Jay-Solo
      MYOB Staff
      6 months ago

      Hey MPebc​, thanks for getting back to us! Hope your day is going well.

       

      I'm double checking with some teammates as it sounds like you're describing a potential issue we encountered a few months ago. Our developers pushed out a fix for that (and you're on the current version of Solo), so we're just double checking if it's related or something new. I'll get back to you on that one as soon as I know more ☺️

       

      Love that idea of setting up recurring transactions as well, we're always on the hunt for new ideas that'll make Solo be the smartest it can be 💡

       

      Sounds like you're definitely on the right track when it comes to recording things correctly (potential quirk above aside!), but please let me know if I can help with any of those other adjustments as you settle into using Solo. More than happy to provide any details where I can 🤝

    • Jay-Solo's avatar
      Jay-Solo
      MYOB Staff
      6 months ago

      Hey MPebc​ - back again! I was on the right track. This is related to a constraint in the current transaction matching flow, where you're unable to split it while still in the matching flow. The workaround here is to submit it with one category (example: "Principal"), and then re-enter the transaction and split it once you've saved it (here's where you'd add in the interest piece). 

       

      We've got a keen eye on cases where they pop up, so glad you brought this to our attention 🙌

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