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Loans
In this section, we discuss how you can register a loan.
We will assume that we borrowed 10.000 euro from another company
and need to register this in our accounting system.
Register Loan
Step 1: Register Account
It's wise to register each loan on a separate ledger account.
Go to: 'Accounting > Account' and click on 'New Record'.
Specify the following name: 'Loan from Wayne Enterprises'.
Specify account group: 'Long Term Liabilities'.
Use Long Term Liabilities if the loan has a duration of more than 12 months.
Use Short Term Liabilities if the loan has a duration of less than 12 months.
The loan will appear on the right hand side of your balance sheet.
Step 2: Register Loan
We can now register the loan.
Go to: 'Accounting > Journal Voucher' and click on 'New Record'.
Select transaction type: 'Income'.
With this option, you specify that money is coming into the company.
The loan is not income in the strict sense of the word.
Add two lines to your journal voucher.
A debit line for account: 'Debtors' for 10.000 euro.
A credit line for account: 'Loan from Wayne Enterprises' for 10.000 euro.
Explanation: Wayne Enterprises becomes a debtor when they agree to the loan.
They 'owe' us the 10.000 euro that they agreed to loan us.
Click on 'Save & Post'.
You can now add a bank or cash payment to the voucher.
Interest on Loan
Assume that you didn't make any payments on the original loan.
After a month, you receive a statement from Wayne Enterprises that says that
you owe interest on the loan.
Step 1: Register account
First, we're going to register a ledger account for our interest costs.
Go to: 'Accounting > Account' and click on 'New Record'.
Specify as name: 'Interest costs'.
Select account group: 'Expenses/Costs'.
Step 2: Register interest
We can now register the interest that we must pay.
Go to: 'Accounting > Journal Voucher' and click on 'New Record'.
Select transaction type: 'Neutral'.
Next, add two lines to your journal voucher.
A debit line for account 'Interest Costs' for 100 euro.
A credit line for account 'Loan from Wayne Enterprises' for 100 euro.
Click on 'Save & Post'.
Loan Payment
How do you register the monthly loan payment?
Assume that our payment is 500 euro each month.
Go to: 'Accounting > Journal Voucher' and click on 'New Record'.
Select transaction type: 'Expenses'.
Next, add two lines to your journal voucher.
A credit line for account 'Creditors' for 500 euro.
A debit line for account 'Loan from Wayne Enterprises' for 500 euro.
Click on 'Save & Post'.
You can now create a bank or cash payment on the voucher.
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