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JulieM09's avatar
JulieM09
Trusted Cover User
6 years ago

Closing an existing loan and opening new loan account

The company has a loan which has been refinanced with a new account number.

 

I need to reconcile the final account - when I state that a deposit/payment/receive money was made to the account in question, MYOB applies it as a withdrawal which leaves me with double the sum owing instead of leaving a balance of 0.00.

 

If I make the deposit/payment/receive money as a negative amount, it applies it as both a depoist and withdrawal but does manage to leave the balance as 0.00

 

I am quite confused as to what process I am to use to show that the loan has been paid out.

 

Any guidance gratefully received

 

 

  • JulieM09 

     

    I would have 2 Loan Accounts in MYOB mentioning the Account Number.

     

    A Journal would be used - debit the old loan and credit the new loan.

     

    Duncan

  • DuncanS's avatar
    DuncanS
    Ultimate Partner

    JulieM09 

     

    I would have 2 Loan Accounts in MYOB mentioning the Account Number.

     

    A Journal would be used - debit the old loan and credit the new loan.

     

    Duncan