EasyFarm Tutorial: Entering Loan Transactions
Here, learn how to enter loan transactions.
Here, we will take a look at processing transactions when we borrow money.
Under Transaction Type select Deposit.
This time we will do a deposit of money we borrowed for the operating note. We essentially are going to accomplish two things. First we will deposit the money into our checking account and then increase the balance of the liability account on our balance sheet.
This will occur all in one transaction.
On the Deposit ticket, we will fill in each prompt.
Let’s say we borrowed $40,000 from Farm Credit Service as an operating note.
(Pause for 5 seconds)
After you have entered the account “BORROWED MONEY” Click on the Save button.
Next a window will open asking you for the Liability account that you want to increase.
Notice that your OPERATING LOAN will be filled in, along with the updated Current, Change and Balance totals for your Operating Loan.
Select the Save button.
We are now finished with this deposit.
Next, we will look at how to make a loan payment.
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