Partner Zone
Partner Zone

Share your ideas for improving the new AccountRight. Vote on ideas and discuss them with the MYOB product development team.

AccountRight

Setting Up Recurring Loan Installments With Different Monthly Interest Components

Growers
Trusted Cover User

61Posts

60Kudos

2Solutions

61 Posts
Trusted Cover User
Australia
New
New

For a business with a large number of loans for vehicles / plant etc, I would like to see a facility to allow for the quick uploading of the contents of a spread sheet to handle the large number of loan installments that have a variable monthly interest component.  With installments carrying over for 3 or 4 years or more, these installments can become time consuming to manage. Let's assume for this loan that each monthly payment is $1,358.85 and is required on 8/9/12, then on 8/10/12 etc for 48 months.

 

1st Payment - 8/9/12

 

2-1620 - NAB - Tonka Truck $1,358.85

6-1151 - Interest - Tonka Truck $ 314.45

2-1621 - Unexpired Interest - Tonka Truck - $314.45

 

2nd Payment - 8/10/12

 

2-1620 - NAB - Tonka Truck $1,358.85

6-1151 - Interest - Tonka Truck $ 306.79

2-1621 - Unexpired Interest - Tonka Truck - $306.79

 

If it was just a simple spend money with no breakup between various ledger accounts, this could be set up with the recurring transactions function already available. Needing to include the variation with each months interest component makes this a little more involved.

 

I believe a simple facility could be implemented that allows the user to cut and paste the contents of a spreadsheet into a table or matrix that allows for the following information:

 

Date

Loan Installment

Account Number/s

Interest Paid

Unexpired Interest

Any other Account

 

The table should allow for each installment to recur at regular intervals (set by user) with each month's interest component varying each time automatically.

 

The facility should also allow for older loans to be entered into MYOB even if half way through their term. It may or may not require the inclusion of capital amounts and interest rates as these would have already been created within the spreadsheet.

 

I have attached a copy of a sample loan spreadsheet for your perusal.

 

The ultimate required outcome is just a little more complex that that which is offered by the existing recurring transactions facility although it would probably suit more users if this by-passed the need to import a new spreadsheet as is the case now. Keeping it simple will automate a lot of work for a lot of fellow users.

 

Many thanks in advance.

 

Greg Cummins

New
2 Comments
Experienced Partner shelld79
23 Posts
Experienced Partner

It would be great if MYOB had the ability to have HP or loan repayment schedules entered so that payments can be automatically allocated for each payment period according to the loan documentation. This would be so handy rather than having to work out the principal and interest amounts manually for each payment, preparing a schedule in another form of software such as excel or doing a recurring entry for each period.

 

Trusted Cover User Growers
61 Posts
Trusted Cover User

I raised a similar example a few weeks ago which you might like to study as it covers much the same issue.

 

 

Greg

 

http://community.myob.com/t5/AccountRight-Idea-Exchange/Setting-Up-Recurring-Loan-Installments-With-...