How to update the monthly hire purchase in the Biztory system? （New Version ）

Modified on Fri, 4 Oct at 4:16 PM

How to update the monthly hire purchase in the Biztory system?

If you have multiple bank loan and need to differentiate them, you can refer to this solution to create a chart of accounts for every each of them.

**When you get the bank loan from bank, you can record in Journal

For the double entry, you shall consult your accountant.

When you received a long term loan from bank

(Disclaimer: the below steps is long term loan is a sample receiving loan from bank)

1.After created chart of account , may click to accounting and choose “journal"

2. Click "Add New"

3.Fill in the details in the required filed with * and "Save"

Debit Alliance Bank

Credit Long Term Bank Loan

Credit Bank Interest

For recording monthly repayment for the loan, you have two options to choose from:

(Disclaimer: the below steps is a sample repay loan from bank)

1. Record it in the journal.

2. Record it as an expense.

Example 1: Record in the journal

1. Create in the Journal and fill the details then "Save"

Credit Alliance Bank
Debit Long Term Bank Loan

Debit Bank Interest

Example 2 : Record it as an expense

If you don't see the expenses in the dropdown list, please refer to these solutions to create a new expense category.

1.Supplier side record the Name of Bank

Category choose the Bank Interest and Bank loan fill in the amount then "Save"