Forum Discussion

Experienced Cover User

5 years ago

Loans

Hi. I am a long time MYOB user, but first time Poster! Hope someone may be able to assist me.

I have loaned an amount of money to one of my Customers. (Transferred the money from my main bank account to their bank account) This amount now shows in my bank feeds as a withdrawal. So what transaction should I do in MYOB so that I can "Approve" the withdrawal. Also, they will be repaying the loan over 12 months (No Interest) So I need to be able to show the monthly repayments. Thanks in advance for any help.

PS - I dont think it can show as a "sale" because it is not income. It is just a loan. No tax/gst required and so need to show on my BAS

DuncanS
5 years ago
hkjohn Kimberley

Further to Kimberley's comment, the account would be a Current Liability as you say the loan would be repaid within 12 months.

You may like to add more more information to the loan account eg $400/m and/or to October 2020.

Duncan

Kimberley
Experienced Cover User
5 years ago
Create a new liability account (eg. Loan to XXXX) and allocate the withdrawal to this account. This will sit on your Balance Sheet and not affect your Profit & Loss (or sales/income). Then when payments are made receive them into this account.
- hkjohn
  Experienced Cover User
  5 years ago
  Thanks so much Kimberley - Thats perfect.
  - DuncanS
    Ultimate Partner
    5 years ago
    hkjohn Kimberley
    
    Further to Kimberley's comment, the account would be a Current Liability as you say the loan would be repaid within 12 months.
    
    You may like to add more more information to the loan account eg $400/m and/or to October 2020.
    
    Duncan