Loans

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Contributing Cover User hkjohn
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Contributing Cover User
Australia
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Loans

Hi. I am a long time MYOB user, but first time Poster! Hope someone may be able to assist me.

I have loaned an amount of money to one of my Customers. (Transferred the money from my main bank account to their bank account) This amount now shows in my bank feeds as a withdrawal. So what transaction should I do in MYOB so that I can "Approve" the withdrawal. Also, they will be repaying the loan over 12 months (No Interest) So I need to be able to show the monthly repayments. Thanks in advance for any help. 

PS - I dont think it can show as a "sale" because it is not income. It is just a loan. No tax/gst required and so need to show on my BAS

4 REPLIES 4
Experienced Cover User Kimberley
86 Posts
Experienced Cover User
Australia
Experienced Cover User

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Re: Loans

Create a new liability account (eg. Loan to XXXX) and allocate the withdrawal to this account. This will sit on your Balance Sheet and not affect your Profit & Loss (or sales/income). Then when payments are made receive them into this account. 

Contributing Cover User hkjohn
8 Posts
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Australia
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Re: Loans

Thanks so much Kimberley - Thats perfect. 

Ultimate Partner DuncanS
1,761 Posts
Ultimate Partner
Australia
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Accepted Solution Solved

Re: Loans

@hkjohn @Kimberley 

 

Further to Kimberley's comment, the account would be a Current Liability as you say the loan would be repaid within 12 months.

 

You may like to add more more information to the loan account eg $400/m and/or to October 2020.

 

Duncan 

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Contributing Cover User hkjohn
8 Posts
Contributing Cover User
Australia
Contributing Cover User

8Posts

1Kudos

0Solutions

Re: Loans

Thanks Duncan - will do

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