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H
homesmiths
February 1, 2020
Question

Hi, is it possible to include loan repayments into a project cost on 'projects'? if so how?!

  • February 1, 2020
  • 1 reply
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1 reply

C
Catherine_B
February 1, 2020

Yes, that's possible to include on projects, homesmiths. 

 

We can create an item for the loan repayment for us to include it on the transaction together with the other items. 

 

Let me show you how:

  1. Go to the Sales menu and click Product and Services. 
  2. At the upper-right, click New. 
  3. Select either Non-stock or Service type. 
  4. Enter a Name like Loan Repayment. 
  5. Fill-out the rest of the item details and select the correct Income account. 
  6. Click Save and close. 

Enter a sales transaction and add this product on another line item. 

 

We can track those loan repayments from the income account you associated it. Just go to the Accounting menu and select Chart of Accounts. Look for the account and under the ACTION column, click the drop-down arrow to select Run report. 

 

If you have other questions, you can always mention me in your reply. 

H
homesmithsAuthor
February 1, 2020

Hi, Thanks for replying! Although I'm utterly confused even more! Surely the loan repayments are an expense not an income/sale? Its money going out not coming in.?!

    T
    treasurer23
    July 9, 2020

    I have the same question, @Catherine_B . I believe @homesmiths  is referring to payments that my company makes on a loan, not loans that we've made to someone else.

     

    My case is that our nonprofit organization has a mortgage loan on a building we own. We have received a grant that can be used for monthly mortgage payments. I have set up a Project to track the grant, but the when I tag the mortgage payment with the appropriate Customer/Project, it does not show up as a Project Expense. Do I have to do this manually through a Journal Entry somehow?

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