Create a bank loan account
If you take out a loan, you need to record it in IRIS Elements Cashbook so that you can monitor the amount owed to represent and monitor the money you owe. This enables you to account for the money from the loan coming in and the repayment transactions going out.
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Go to Bank then select Add New Account.
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Enter a Name for the account, such as HSBC Business Loan.
If you have several loan accounts, it's a good idea to append the account name with the account number.
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The Account Code is the code that will be used on your chart of accounts. This is generated for you, but you can enter a different code..
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You can select an Icon from the list to visually represent your bank. This is displayed on the Financial overview widget.
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The Start Balance should be zero.
If you have just started using IRIS Elements Cashbook and have an existing loan, record the opening balance using a journal.
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The remaining fields can be left at their defaults. Select Save.