Forum Discussion

Eljay1959's avatar
Eljay1959
Member
1 year ago

Chattel Mortgage Finance & purchase setup

Hi, I've been using MYOB since version 8 but have not until now had to setup a capital purchase with chattel mortgage finance. I've followed the advice from Ron Boulton (https://community.myob.com/d...
Mike_James's avatar
Mike_James
Ultimate Cover User
1 year ago

Hi Eljay1959 , My preference would be for you to allocate the entire regular payments (both principal and interest) to the loan account, which after the set-up entries includes all future interest. Then have your accountant work out and adjust for the new amount of unexpired interest at the end of each year. This will be simpler for both of you.

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Level up your skills using MYOB software.

 

Find help guides and technical solutions for all MYOB products here

Explore video tutorials for our software at the MYOB Academy here

 

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.