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January 24, 2017 07:46PM
If you do not need to make that deposit to setup the old loan, then I would follow these steps:

1. Go to the Record Payment/Purchase.
2. Select the new lending institution as the Vendor
3. Enter date and memo description.
4. Click the other expense and payments button.
5. Enter the dollar amount for this new loan. Change account on left to other accounts.
6. Highlight the Equity Account - Owner Name or if books are a corporation select Retained Earnings - Unappropriated. Click OK
7. From the How you paid section click on the Loan button and select New. Enter name for the new loan. This new loan will default to long term, but if you enter the dollar amount into the Principal due this year it will become a short term loan. Not certain which one will be correct for you. Click OK.
8. Click Record and Done.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

New Loan

DaleJanuary 24, 2017 07:55AM

Re: New Loan

KathyClineJanuary 24, 2017 07:46PM

Re: New Loan

DaleJanuary 26, 2017 12:59PM

Re: New Loan

KathyClineJanuary 26, 2017 01:04PM



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