Entering a loan

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  • Updated 5 months ago
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Hi all, I have been searching on how to enter a loan into our Reckon Small Business Edition 2017, but have only got as far as entering it into the chart of accounts. Watching a quickbooks video got me this far but then the next step was to go to 'banking' and 'manage loan'. manage loan is not on Reckon - where do I go from here so we can start applying payments to the loan?
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Sarah

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Posted 5 months ago

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John G, Information Support Analyst

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Welcome to the Reckon Community Sarah,

Reckon lost the licence to the Loan Manager Module in 2014 when we did not renew the business agreement with Intuit.  This module enabled you to establish a repayment plan over the life of the loan and have the repayment entries entered at the appropriate times.

Please talk to your accountant on the best way to treat the loan for your business.

Your options will be to treat it as a Liability Account or as a Bank Account with a negative balance.

You can use Memorized Transactions as a Standing Order to automate the entry of standard repayments.  

Hope this helps.


regards,
John.
(Edited)