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Then, select the transaction type in the corresponding field. The Transaction Type field provides the following two options:
- Loan Received: It should To be used for a loan received by the entity.
- Loan Issued: It should 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 loaned 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.
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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.
Click 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 loaned 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.