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 Bank and select Repeat Transactions.
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Select Add New.
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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 a Comment such as Loan Repayment.
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Select Money Out then enter the Full Amount to be repaid each month.
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Use the Create for how long settings to determine when the payment should stop. You could, for example, enter the number of repayments or enter the date of the last payment.
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Select the frequency of payment from the How Often section.
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Select Add Repeating Transaction to confirm.
Record individual loan repayments
Use this method if you make ad-hoc or additional loan repayments.
- Go to Bank and select View / Add for the bank account from which the repayment will be made.
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From the Add Transaction section, select the 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 Out field.
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Select the + icon to record the transaction. The new transaction is added to the Transactions list.