Problem: Loan receipt and payment was done in different currencies.
Solution: The loan can be used in one currency, and
a different currency is used at the time of loan repayment to the borrower. To record such transaction, please follow the below steps:
1, Record Loan received transaction- Create a loan agreement with transaction type Loan Received. Specify the type of transaction Loan Received,
the contract is in euros, and the amount is in euros in Loan Agreement.
In the tubular part, fill in the loan terms.
2. Create a Bank receipt document. Transaction type Loan Received, amount in dirhams.
Fill in the tubular part - the contract, the loan agreement, the course, the amount.
3, Generate a report to verify your actions.
4, Each time the month closes, the program will calculate the interest on the loan.
5, To pay the loan, create a Bank Payment document. In this example, month wise repayment will be shown and report of how this payment reflect at the end.
a) Repayment in Month of October-
Click on the button- Fill it out based on. The program will fill in the tubular part.
b) Repayment for the Month of November-
6, Generate a report to verify your actions.
Thank you for being a FirstBIT customer! #Loan received #Different currency #Loan agreement