Capturing loans

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Capturing loans

Hi

If i have recieved a loan into my bussiness account and captured it as a loan in liabilities and then I transfered that exact amount into my peronal account. 

 

Effectively I owe my business the money and my business owes the loan company the money. 

I have created two liability accounts and reflected the exact same amount in each (theloan i recieved shows as a positive number and the loan I took shows as a negative) and this has totally thrown the "amount you have in the bank " figures out . 

How do I record the fact that I need to pay the company back? 

 

Thank you in advance,

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MYOB Moderator
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Re: Capturing loans

Hi @Melissa1981 

 

Thank you for your post. 

 

I would have a look at help article Loan and repayments, which covers how to record the receipt of a loan and to record the repayments. However, because there's lots of loan types, interest rates, terms and conditions, you might need help from your accounting advisor to determine the best way to set this up for your loan.

 

Please let us know if you have any further questions.

Kind regards,
Jesh

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Re: Capturing loans

I have exactly the same problem. Anyone got a suggestion? This is quiet a common issue , please suggest me if you find any solution for it .

MYOB Moderator
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Re: Capturing loans

Hi @McFarland 

 

Thank you for your post. 

 

I do hope that regular visitors of the MYOB Community Forum can provide you with more guidance to this matter, however we generally advise users to speak directly to their accounting advisor, since they better understand your business needs and can take a look at the loan type to determine the best way to set it up in the software. 

 

Please do let us know if you have any further questions.

Kind regards,
Jesh

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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