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hkjohn's avatar
hkjohn
Experienced Cover User
5 years ago
Solved

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 account to their bank account) This amount now shows in my bank feeds as a withdrawal. So what transaction should I do in MYOB so that I can "Approve" the withdrawal. Also, they will be repaying the loan over 12 months (No Interest) So I need to be able to show the monthly repayments. Thanks in advance for any help. 

PS - I dont think it can show as a "sale" because it is not income. It is just a loan. No tax/gst required and so need to show on my BAS

  • DuncanS's avatar
    DuncanS
    5 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 

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  • Kimberley's avatar
    Kimberley
    Experienced Cover User
    5 years ago

    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
      5 years ago

      Thanks so much Kimberley - Thats perfect. 

      • DuncanS's avatar
        DuncanS
        Ultimate Partner
        5 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