Church loans
Posted: Mon Jan 25, 2021 11:27 am
how would we set up church loans that we give out to churches and keep track of payment of principal and interest ?
I had to do some searching back a few years and found this topic that should give you an idea:
viewtopic.php?f=3&t=9961&p=31512&hilit= ... oan#p31512
it talks about setting up the loan in a few ways, but setting it up as an Asset would be the best. Since the interest would be income to your church, this would involve setting up a specific income account to collect those funds.
I'm fairly sure you can setup the Accounts Receivable module with two separate "predefined" items, one pointing to the principal payment (asset account), and one to the income account for the interest.
In this way you can keep a record of payments, and create statements to each church you lend to. Note, these are NOT contributions and should not be deposited with the Sunday collection.
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