Record and manage bank loans

If you take out a loan, you record it in IRIS Elements Cashbook 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.

This is achieved using the following steps:

Create a bank loan account - this will have a negative balance until the loan is paid off.

Record a bank loan deposit - by creating a transfer from the loan account into the bank account that received the loan funds.

Record bank loan payments - this can be done either by recording an individual loan repayment as it is made, or by setting up a repeat transaction.