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Hey guys, In the process of completing the practice set for myob and came across this entry. (first time post)
(2nd jan) Obtained a loan of $16,000 from Uncle Horatio (a family relative of Angelo Downing) at a simple interest rate of 8% per year, Cheque No. 140, ID #CR000001. The principal and interest on the loan are payable in six months time.
Now im not profficient with the software as im learning but im confused on how to enter this into the software.
p.s There is already an Interest expense account with $480,
A detailed step by step so i can learn on how this transaction would be entered into the software would be great thanks alot for your help.
If you do have an enquiry relating to the entry of a transaction from a workbook or part of coursework/assessment I would recommend speaking to your course provider for assistance with that particular transaction.
In saying that as it is a cheque you are receiving you likely enter a Banking>>Recieve Money transaction where the bank account and a liability loan account would be used.
Welcome to the MYOB Community Forum, I hope you find plenty of useful information.
What you need to do is create two Liability Detail Accounts. And if you don't already have one a Liability Header Account
The Header account should be something like 2 - 4000 Loans
The Detale accounts should be 2 - 4100 Loan Uncle Horatio and 2 - 4200 Interest Loan Uncle Horatio.
You would then create a Journal Entry to receive the money into your bank account and at the same time setup the loan and interest.