How to Record Loans in Manual Journal Entries and Add Interest and Attachments

Here is an explanation of how to record a loan in Qoyod. To add a journal entry for loans, please follow these steps:

1. Access Manual Journal Entries:

   • From the Accounting dropdown menu, select “Manual Journal Entries“.
   • Click on the “Create Manual Entry” icon.

2. Enter Data in the Manual Entry:

   • Description and Date: Write a description for the entry and select the appropriate date.
   • Add Accounts:
     • Select the “Loans” account and enter the loan amount in the “Credit” field for the credit account nature that was previously added in the chart of accounts.
     • Add the account where the loan was deposited (e.g., “Bank Account“) and enter the amount in the “Debit” field.
     • If there are loan interest charges, add an account for “Loan Interest” or “Loan Expenses” and enter the interest amount (e.g., 10% of the loan) under the “Debit” field.

3. Set Up Additional Fields and Attachments:

   • Use the icons next to each line to add location, project, or custom additional fields.
   • Add attachments if needed.

4. Save the Entry:

   • Click “Save” to complete the process.