Record bank loan payments
In addition to creating a bank loan account and recording the loan deposit, you also need to record the loan repayments. Depending on how the loan has been set up, you can either set up a repeat transaction or record each payment individually.
Set up a repeat loan repayment transaction
If you make regular loan repayments, it is far easier to set up a repeat bank transaction. IRIS Elements Cashbook will then automatically create the applicable transaction for you.
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Go to Banking > Banks.
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From the Actions (3 dots) menu, select Repeat transactions.
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Select Add repeat transaction.
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Select Money Out then enter the amount to be repaid each month.
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Select the Bank Account you are repaying from and select the bank account from the Type list, for example, HSBC Business Loan.
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Enter any useful comment as “Loan Repayment” or “Bank interest”.
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Select Disallowed if this transaction cannot be claimed for tax purposes.
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Select how often the payment will be made (e.g monthly).
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Select Save to confirm and create your transaction.
Record individual loan repayments
Use this method if you make ad-hoc or additional loan repayments.
- Go to Banking > Banks and select View or add for the bank account from which the repayment will be made.
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Select Add new transaction.
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Select Money out.
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Select the Transaction date the repayment left the account.
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Select the loan bank account from the Code list.
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Enter the loan repayment amount in the Amount field.
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Select the Add transaction to record the transaction.