Closing an existing loan and opening new loan account

[JulieM09]

The company has a loan which has been refinanced with a new account number.

I need to reconcile the final account - when I state that a deposit/payment/receive money was made to the account in question, MYOB applies it as a withdrawal which leaves me with double the sum owing instead of leaving a balance of 0.00.

If I make the deposit/payment/receive money as a negative amount, it applies it as both a depoist and withdrawal but does manage to leave the balance as 0.00

I am quite confused as to what process I am to use to show that the loan has been paid out.

Any guidance gratefully received

[DuncanS · Accepted solution]

@JulieM09 

I would have 2 Loan Accounts in MYOB mentioning the Account Number.

A Journal would be used - debit the old loan and credit the new loan.

Duncan

[JulieM09]

Thanks Duncan, will do!