Loan Account Master
Loan Account Master is used to make entry of loan account when bank or society wants to give loan to its customers.
To make entry in loan entry, select Loan Account Master from Loan Accounts section in Transaction menu.
New window will open when you select loan account master.
Select proper loan from list and then new window appears as shown below.
To make new entry
- Click on New button or press Ctrl+N button
- In Entry Date, enter the date of transaction
- In Loan Date, enter Loan issue date
- In Customer A/c section enter customer name or account code, then new window appears
Process of loan payment to customer
- If bank or society wants to give loan amount in the for of cash, then cash account to be selected.
- If the bank or society wants to give loan amount to customer’s saving account, then we need to select customer saving account.
- If bank or society wants to give loan amount to customer in the form of cheque, then we need to select bank account.
- Enter the Loan amount in loan amount section.
- Enter rate of interest in Rate Of Interest section.
- Then click on other information
- In No. of Guarantors section, enter guarantors information
- Click on Add button
- Click at Customer Code and enter Guarantor name and then click OK button.
- Click Save button or press Ctrl+S button.
- After entereing guarantors details then click on save button ir Ctrl+S to save loan entry as shown below.