Forum Discussion

hkjohn's avatar
hkjohn
Experienced Cover User
6 years ago

Loans

Hi. I am a long time MYOB user, but first time Poster! Hope someone may be able to assist me. I have loaned an amount of money to one of my Customers. (Transferred the money from my main bank accoun...
  • DuncanS's avatar
    DuncanS
    6 years ago

    hkjohn Kimberley 

     

    Further to Kimberley's comment, the account would be a Current Liability as you say the loan would be repaid within 12 months.

     

    You may like to add more more information to the loan account eg $400/m and/or to October 2020.

     

    Duncan 

Kimberley's avatar
Kimberley
Experienced Cover User

Create a new liability account (eg. Loan to XXXX) and allocate the withdrawal to this account. This will sit on your Balance Sheet and not affect your Profit & Loss (or sales/income). Then when payments are made receive them into this account. 

hkjohn's avatar
hkjohn
Experienced Cover User
6 years ago

Thanks so much Kimberley - Thats perfect. 

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    6 years ago

    hkjohn Kimberley 

     

    Further to Kimberley's comment, the account would be a Current Liability as you say the loan would be repaid within 12 months.

     

    You may like to add more more information to the loan account eg $400/m and/or to October 2020.

     

    Duncan 

    • hkjohn's avatar
      hkjohn
      Experienced Cover User
      6 years ago

      Thanks Duncan - will do

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