Did a search on loan and liability, and came up with this thread which will assist you;northside wrote: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!
If I set it up like this, how do I get the into our checking account balance?Usually people set up a construction in progress asset account and a Construction Loan Liability account.
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.northside wrote:Thanks so much for the information.
If I set it up like this, how do I get the into our checking account balance?Usually people set up a construction in progress asset account and a Construction Loan Liability account.
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
Then the transaction I listed will work.northside wrote:The way our loan works is that the church treasurer calls the bank and they deposit money into our checking account.