Reconcile bank transaction with loan account

Steve VarnaSteve Varna Member Posts: 1
edited January 2017 in Reckon One
The directors of a Pty Ltd company have deposited money into the company's bank account.  In the chart of accounts, the money will go through a 'Loan Account' for each director.

How can we account for this in Reckon One when reconciling the bank transactions for these deposits?

Thanks in advance for your assistance.

Comments

  • Michael MacleodMichael Macleod Member Posts: 33
    edited January 2017
    When you enter the deposit you will be crediting it to the loan accounts for the direcrors ie you are debiting bank and crediting Loan Accounts . The bank reconciliation proceeds as normal wit deposits on the bank statements being mateched depoists in the GL account.
  • AmitAmit Member Posts: 12
    edited January 2017
    Hi Michael, Do you mean that you simply hit reconcile button for these deposits on bank statement without allocating it to anywhere as the allocation was done with Journal ? Is it best to use Loan (liability) account or Equity (capital injection) account for the funding given by director ? Thanks amit
  • Michael MacleodMichael Macleod Member Posts: 33
    edited June 2016
    I didn't realize you had done a journal entry. You will need to delete the journal and then to enter a normal receipt and you do have the capability in the receipt/deposit routine to credit a general ledger account.

    Michael
  • Michael MacleodMichael Macleod Member Posts: 33
    edited June 2016
    You will set up a General Ledger account as a other Liability called "Loan from Director-XXXX". The director has deposited the money into the bank account. You will then through the "make a Deposit"  option . Now in that "make a depoit" option you will post the amount received to the Account  "Loan from Director"
    The "make a deposit" option allows you to charge moneys received which are NOT debtors payments to a General Ledger account. No other entry is necessary. I only work on Reckon one half a day a week and I am relying on memory otherwise I would describe the entire process. Once you have deposited the money through this option it will be in the bank reconciling program to match the deposit against the bank statement.
    Michael

    Just to clarify - No journal entry is necessary - when ever you have a transaction affecting the affecting the bank you must use the payment or receipt/deposit options so that the transactions can be reconciled to the bank statement.
    Both options allow you to post to GL accounts
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