Hello,
How to post a loan that is paid directly to our vendor. The money doesn't touch our account.
Thanks for any help,
Margaret
Hello,
How to post a loan that is paid directly to our vendor. The money doesn't touch our account.
Thanks for any help,
Margaret
Hi Margaret Kasza ,
Thanks for reaching out. To post a loan that is paid directly to a vendor without the money touching your account, you may follow a slightly modified version of the steps outlined for creating a loan to a vendor:
Since the money doesn't enter your bank account, there's no need to credit the bank account in your books. Remember, this transaction should reflect the reality of the loan and its repayment obligations. If you need to track the repayments, you could then use the payment journal to record the repayments to the loan directly from the bank account.
For more detailed steps on recording transactions in Sage 50, you can refer to the article on how to input and pay back a bank loan, which provides steps for both creating the initial transaction and paying back the loan through various methods. You can find more detailed instructions in the articles available at the following URLs:
If this helps please mark it as verified :)
Warm Regards,
Erzsi
Hi Margaret Kasza ,
Thanks for reaching out. To post a loan that is paid directly to a vendor without the money touching your account, you may follow a slightly modified version of the steps outlined for creating a loan to a vendor:
Since the money doesn't enter your bank account, there's no need to credit the bank account in your books. Remember, this transaction should reflect the reality of the loan and its repayment obligations. If you need to track the repayments, you could then use the payment journal to record the repayments to the loan directly from the bank account.
For more detailed steps on recording transactions in Sage 50, you can refer to the article on how to input and pay back a bank loan, which provides steps for both creating the initial transaction and paying back the loan through various methods. You can find more detailed instructions in the articles available at the following URLs:
If this helps please mark it as verified :)
Warm Regards,
Erzsi
*Community Hub is the new name for Sage City