Loans

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
Experienced Cover User
11 Posts
Experienced Cover User
Australia
Experienced Cover User

11Posts

2Kudos

0Solutions

Solved: Go to Solution

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
Highlighted
Experienced Cover User
91 Posts
Experienced Cover User
Australia
Experienced Cover User

91Posts

36Kudos

1Solutions

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. 

Highlighted
Experienced Cover User
11 Posts
Experienced Cover User
Australia
Experienced Cover User

11Posts

2Kudos

0Solutions

Re: Loans

Thanks so much Kimberley - Thats perfect. 

Highlighted
Ultimate Partner
1,852 Posts
Ultimate Partner
Australia
Ultimate Partner

1,852Posts

1,441Kudos

163Solutions

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
Highlighted
Experienced Cover User
11 Posts
Experienced Cover User
Australia
Experienced Cover User

11Posts

2Kudos

0Solutions

Re: Loans

Thanks Duncan - will do

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post