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- Enable Loan Agreements: Make sure the "Enable Long-Term Credits and Loans" option is selected in Administration > Settings > General Settings.
- Create a New Loan Agreement: Go to Money > Loan Documents > Loan Agreements . Click to and create a new documentNew Loan Agreement.
- Enter all relevant details in the Main tab, such as lender, contract, agreement number, loan amount, interest rate, transaction type (choose "Loan Received"), entity, GL accounts, department, business activity, and expense item.
- On the Amortization Schedule tab, select the schedule type (e.g., Custom Schedule if the Bank’s repayment schedule is different from any suggested option for calculation), the payment frequency, the loan start and end dates, and the repayment start date.
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- On the Loans Received tab, select by clicking click the Pick button and select the loan from the bank.
- Post and close the document to to shift from accounts payable to a loan received.
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- In the document Processing of Current loans (#Created automatically, with month closing assistant.) you will see a monthly interest from the Loan Agreement and the Bank’s repayment schedules must be entered
6. Pay for the loan by creating a document Bank receipt with the type of Loan Payment transaction:
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