Implementing Loans with SBO

[somchitra_oun-anuiom]

Hello All,

Many of my customers ask me if they can records Loans they borrow from banks in SBO. Further they would like to keep a tab of installments and interest rates charged by banks and alert them periodically of due payments.

What is the best way to achieve this ?

[former_member583013]

There are a few ways to handle this.

You can create a Journal Entry

Bank A/c Dr xxx.xx

Loan A/C Cr ......................xxx.xx

OR

The Bank which issues the Loan can be treated as a Vendor and money can be received in through an Incoming Payment and an entry can be shown in the Liability drawer as Loans

It all depends on how you want to look at the transaction