[slp63]

A loan from LaTrobe Financial for $700,000 has been acquired to refinance several other loans. MYOB does not allow you to accept the $700,000 via the banking, receive money section. You can't deposit to the loan in the liability section of the chart of accounts unless you specify that the loan is a 'credit card', then you can access it. If I change the loan to 'credit card' then I can access it. On the 'receive money' screen, via the banking command, it has 'deposit to' and 'payor' (should I deposit the money to LaTrobe of $700,000 and put the payor as Latrobe as well?). I'm confused. The more I think about it, the more confused I get. Then the money was paid to other banks for other loans, how do I do that without reducing the loan liability account. :confused:

[Smith21000]

I believe I can only answer part of your question. Basically you would have entries that follow:

DR: cash 700,000
CR: loan LaTrobe 700,000

Dr: loan-other XXX,XXX
CR: Cash XXX,XXX

The second entry would be for the amount you paid off to the previous lenders. However you should use the cash receipt modules in MYOB in which I am not familiar with. In most systems if the modules are not used, various reports will not reconcile to the control account. I would recommend contacting MYOB support to ask how this can be done or checking the manual. Receiving a loan from a financial institution is a common practice and I would be shocked if the system did not provide a means to properly record it. I hope this helps.