LOAN TRANSACTIONS

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LOAN TRANSACTIONS

Hi!  Hope someone can help me - I'm a novice at this!  We have a flexi loan - similar to a mastercard - line of credit (which reconciled last month because I paid off the entire balance but this month it doesn't seem to work as I have not paid the loan off completely).

2/8 - The flexi loan had 2 charges put on it - $13.31 interest and $10 monthly service fee debited to it.

16/8 - I transferred $100 from my working account to the flexi loan account (which is a 2-*** account) to reflect a payment on the loan.

 

My queries are two-fold:

1)  How do I treat the initial flexi loan charges?  It doesn't seem to fit into spend money as I haven't spent it - it's a charge; When I do the transaction as spend money - it is 2 sided (debit & credit on the bank reconciliation) and

2)  How do I treat the transfer - I have just recorded it as a transfer - does it need to be recorded as a payment instead.

 

I have sat here most of the day trying to do my bank reconciliation and have tried everything so I'm sorry that I appear a bit brain dead.  Hope someone can help me!!

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Re: LOAN TRANSACTIONS

@Hi @LEONIET

 

In AccountRight, when under the Bank Reconciliation menu there is a handy button you can click to add these types of charges. 

Capture.PNG

 

Once you've clicked on the Bank Entry button you can select to enter interest earned or a service charges. 

 

In your case both would be entered as service charges. Debit Expense account (interest expense for example) credit liability (flexi loan) 

 

The transfer can be processed as a receive/spend money as it will affect the main bank account and the liability (flexi loan)

 

Credit - Bank Account (reducing balance)

Debit - Liability - Flexi Loan (reducing balance)

 

Hope that helps.

Kind Regards

Samuel Burmeister
Tall Books - Certified MYOB Partner
Training, Set-up & Small Business Bookkeeping
info@tallbooks.com.au
www.tallbooks.com.au
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Re: LOAN TRANSACTIONS

Hi TallBooks

Thanks for your reply.  I was really getting myself into a muddle until you solved my problem.  

Cheers, LeonieT

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