Loan Repayments

I have a loan that I have to repay, what is the best way to set up the repayments?

Solution

Set up a Cashbook payment.

You will need to have two GL Codes, one for the Loan and the second one for Interest.

Usually when a loan is set up a repayment schedule is provided and the Loan repayment will increase and the Interest will decrease.  Change these figures as required.