Record bank loan payments

The images and steps in this topic are based on our new design (which you can currently switch on and off). If you haven't switched the new design on, the images may look different.

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 KashFlow will then automatically create the applicable transaction for you.

  1. Go to Banking > Banks.

  2. From the Actions (3 dots) menu, select Repeat transactions.

  3. Select Add repeat transaction.

  4. Select Money Out then enter the amount to be repaid each month.

  5. Select the Bank Account you are repaying from and select the bank account from the Type list, for example, HSBC Business Loan.

  6. Enter any useful comment as “Loan Repayment” or “Bank interest”.

  7. Select Disallowed if this transaction cannot be claimed for tax purposes.

  8. Select how often the payment will be made (e.g monthly).

  9. Select Save to confirm and create your transaction.

Record individual loan repayments

Use this method if you make ad-hoc or additional loan repayments.

  1. Go to Banking > Banks and select View or add for the bank account from which the repayment will be made.
  2. Select Add new transaction.

  3. Select Money out.

  4. Select the Transaction date the repayment left the account.

  5. Select the loan bank account from the Code list.

  6. Enter the loan repayment amount in the Amount field.

  7. Select the Add transaction to record the transaction.