Loan

[northside]

Can I get some advice as to the best way to put a loan in Power church?
We have a renovation loan that will be borrowing from as we need it.


Thanks!

[NeilZ]

Can I get some advice as to the best way to put a loan in Power church?
We have a renovation loan that will be borrowing from as we need it.


Thanks!

Did a search on loan and liability, and came up with this thread which will assist you;

https://www.powerchurch.com/forum/viewt ... 04&p=35758

[northside]

Thanks so much for the information.

Usually people set up a construction in progress asset account and a Construction Loan Liability account.

If I set it up like this, how do I get the into our checking account balance?

[NeilZ]

Thanks so much for the information.

Usually people set up a construction in progress asset account and a Construction Loan Liability account.

If I set it up like this, how do I get the into our checking account balance?

SInce these are loan funds, the asset account created is often a separate checking acoount or money market savings account that has check capabilities. You do NOT want to mix this in with your standard operating funds.

However, if you really want to do that its a simple transaction, which I copied from another thread:

Code: Select all

create 01-2620 Construction Loan

If you receive $25,000 in the construction loan:
01-1110-000 DB $25,000
01-2620-000 CR $25,000 

If you do go with a separate checking account, then change the 01-1110-000 to the account number that you've created.

[northside]

The way our loan works is that the church treasurer calls the bank and they deposit money into our checking account.

[NeilZ]

The way our loan works is that the church treasurer calls the bank and they deposit money into our checking account.

Then the transaction I listed will work.