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Setting up a new loan in Evo (Read 811 times)
PhippsBird
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I Love YaBB 2!

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Setting up a new loan in Evo
08/18/16 at 14:26:34
 
I am attempting to set up a new loan which has a predefined term and rate of interest.  I thought I had accomplished this by setting it up under APB with a "beginning balance".  However, as I now look at AP Aging, the original amount of the loan is the unchanged outstanding balance.  The past 5 months of payments have not reduced the balance at all.  How have the rest of you set up new installment loans?
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Lynn_Pantic
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evolution (n) -
gradual change to a
different form

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Re: Setting up a new loan in Evo
Reply #1 - 08/18/16 at 17:09:39
 
The loan itself would not be set up in AP-B but rather in GL-B as a cash receipt, debit to cash (you got money) and credit to loan payable.  Then as you make payments, you process in AP-B posting the debit to the loan balance and interest as applicable and the payment credits cash.  The balance sheet will reflect the loan paydown, not the AP Aging.
 
AP-B "Beginning Balance" is for entering open AP balances when implementing a new installation.
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Lynn Pantic
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lynn@istechsupport.com
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PhippsBird
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Re: Setting up a new loan in Evo
Reply #2 - 08/19/16 at 06:09:00
 
Thank you!  This will work perfectly!  
 
Pattie
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