Problem: The company purchased a vehicle, paid 30% by payment, paid 70% by loan. How to enter 70% loan installment and interest deducting monthly?

Solution: Use documents in the system as shown.


1. Enter Invoice Received from the Supplier for Vehicle Purchase:

See also 4.2.3.1. Invoices Received (Receipt From Supplier)


2. Enter Payment Document for 100% down payment based on the Invoice Received: 

See also 6.2.2.1. Bank Payments (To Supplier)             

             6.3.2.1. Cash Payments (To Supplier)              

             6.4.2.1. Cheques Issued (To Supplier)


3. Enter Bank Receipt from the Creditor (transaction type - Loan Receive)  : 

See also 6.2.1.5. Bank Receipts (Loan Received)


4. Loan Deduction should be entered manually through Bank Payment document (Transaction Type - Loan Payment): 

See also 6.2.2.7. Bank Payments (Repayment of Loan Received)


5. Interest on Loan should be entered additionally in 2 steps:

5.1. Accrual for Interests using Other expenses Document  

DR account details:

CR account details:

See also 7.5.4. Other Expenses


5.2. Bank Payment (Transaction Type - Others): 

See also 6.2.2.9. Bank Payments (Other)


Thank you for being a FirstBIT customer!