Problem: Loan issuance and payment was done in different currencies.
Solution: Loan can be used in one currency and at time of payment of the loan to the borrower,
the currency used is different. To record such transaction, please follow the below steps:
In this example, USD is used in loan agreement and bank payment is created with currency AED.
1, Create a loan document with the transaction type Loan issued.
Fill in the tabular part in accordance with the terms of the loan agreement.
2. Based on the loan agreement, create Bank payment.
The program will automatically fill in the document.
3, Create a report to verify your actions.
4, If the currency exchange rate of the loan issued differs from what is entered into your program, change it.
The difference in rates will be reflected in a specialized account (income or expenses)
5, Every time the month closes, the program will calculate the interest on the loan (if it is specified in the agreement).
Thank you for being a FirstBIT customer! #Loan issued #Different currency #Loan agreement