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MYOB making transaction obtain loan

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lokilong
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lokilong

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MYOB making transaction obtain loan

Hi MYOB community,

I'm stuck in making below transaction, although I have search others post that are similar question but I still confusing. Here my question, to make below transaction, do I need to create an account list called loan Uncle Mark even though I have account list called bank loan?

 

Obtained a loan of $19,000 from Uncle Mark (a family relative of Julia Thomson) at a simple interest rate of 8% per year, Cheque No. 148, ID #CR000001. The principal and interest on the loan are payable in six months time.

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MYOB Staff Post RienaP
2,155 Posts
MYOB Staff Post
New Zealand
RienaP
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Re: MYOB making transaction obtain loan

Hi @lokilong,

 

In your Chart of accounts, I believe you have an existing account - Bank Loan account and if you are not having any Bank Loan in future then you can rename it to Loan by Mark (treated as an outside claim and renaming it to make it clear). 

 

From Banking command centre >>Receive Money (when obtaining the loan) and code it to the Loan by Mark account. When repaying then it will be Banking command centre >>Spend Money and coding it to the same account. 

 

I hope this helps and please let us know how you go.

 


Regards,
Riena
MYOB Training Specialist
Ultimate Partner GDay53
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Australia
GDay53
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Re: MYOB making transaction obtain loan

@lokilong

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

A similar question was just answered the other day here.

Have a read of the answer.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
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