Using this tab, you can provide main information about the loan received by your organization or issued to your client.


The Loan Agreement (create) form. The Main tab

<Auto> in the Number field indicates that a number to this document will be assigned automatically when you save the document.

The From field is populated automatically with the current business date. You can select another date, if necessary.

In the Entity field, select an entity of your company for which this document is being prepared. The Entity field is available if the Multi-Company Accounting option is selected on: Administration > Settings> General Settings. You can select your personal default entity to appear in documents; for this, refer to Personal Settings. If you have not selected your default entity, the entity defined first will be used as the system default value.

Then, select the transaction type in the corresponding field. The Transaction Type field provides the following two options:

  • Loan Received: To be used for a loan received by the entity.
  • Loan Issued: To be used for a loan issued by the entity.

In the Lender field, that appears if the Loan Received transaction type is selected, specify a bank or a company that lent the funds.

In the Borrower field, that appears if the Loan Issued transaction type is selected, specify a company that received the funds from your entity.

In the Contract field, enter the number of the contract that supports the loan.

In the Agreement Number field, assign a number to this document.

In the Loan Amount field, enter the amount of loan in the currency of the contract.

In the Interest Rate field, specify the interest percent.

If the Loan Received transaction type is selected, the following fields appear:

  • The Interest Expense GL Account field, specifies the GL account to be used for recording the expenses related to the interest which will be paid by the entity.
  • In the Expense Item field, select the expense item with which the interest expense is associated.

If the Loan Issued transaction type is selected, the following fields appear:

  • The Interest Income GL Account field specifies the GL account to be used for recording the income related to the interest to be received.
  • In the Income Item field, select the income item with which the received interest is associated.

Make sure that in the Department field, the correct department appears.

In the Business Activity field, select the business activity with which the loan is associated.

The document totals and other information

At the bottom of the form, you can view who created the document and the current status of the document, which can be one of the following:

  • New (document was created, but not recorded)
  • Not Posted (document was recorded, but not posted)
  • Posted (document was posted)
  • Marked for Deletion (document was marked to be deleted)

The Loan Amount and Interest Total fields show the amounts of the loan and total interest to be repaid according to this agreement, respectively.

The Total of Payments field shows the total amount due according to the loan agreement.

The Repayment Amount field (which appears if the Even Total Payments option is selected as the schedule type) shows the total amount of a monthly payment.

The toolbar buttons

After entering some data on the tab, click the Save button to save your work. After filling out all the tabs, click Post to post the document without closing it or Post and close to post and close the document.

For a new loan, click Generate on the toolbar to create one of the following documents:

  • Bank Receipt: To record the funds received by the entity as the loan.
  • Bank Payment: To record the funds lent by the entity to the borrower.

For an existing loan, you can create one of the following documents:

  • Bank Receipt:  To record the repayment received in the current month for the loan issued.
  • Bank Payment: To record the repayment issued in the current month for the loan received.

For other button descriptions, see Document Toolbar.











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