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Accounting Dashboard
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Rebates
How to reconcile the trade loan settlement
In order to pay/settle the Trade loan,
1. Go to the " Accounting Dashboard" select the relevant bank and Click "Reconcile"
2. Select the bank feed that you have paid for Trade loan account, Then In the " Manual Operations" tab select the "Trade loan Account", and select the Taxes as No GST (None) and input the Trade loan amount without the interest. ($ 303,882.84)
3. Recognize the balance amount $4,329.54 to Interest account. Click the line showing as Bank suspense account and under the Manual operations tab select the interest expense account, select the taxes as No GST ( None) and Click on VALIDATE.
4. Once you have validated, to check the transactions and balances in Trade Loan account, Click the " Reporting" and select the "General ledger"
5. Search for " Trade loan Facility" account , Here you can see the bill payments ($ 52,757.79 & $ 123,526.11) in the credit side and the amount ($303,882.84) we paid from our bank account to Trade loan account can be seen in the debit side. Also you can see the balance of Trade loan account in the bottom ($ 89,045.65)
1. Go to the " Accounting Dashboard" select the relevant bank and Click "Reconcile"
2. Select the bank feed that you have paid for Trade loan account, Then In the " Manual Operations" tab select the "Trade loan Account", and select the Taxes as No GST (None) and input the Trade loan amount without the interest. ($ 303,882.84)
3. Recognize the balance amount $4,329.54 to Interest account. Click the line showing as Bank suspense account and under the Manual operations tab select the interest expense account, select the taxes as No GST ( None) and Click on VALIDATE.
4. Once you have validated, to check the transactions and balances in Trade Loan account, Click the " Reporting" and select the "General ledger"
5. Search for " Trade loan Facility" account , Here you can see the bill payments ($ 52,757.79 & $ 123,526.11) in the credit side and the amount ($303,882.84) we paid from our bank account to Trade loan account can be seen in the debit side. Also you can see the balance of Trade loan account in the bottom ($ 89,045.65)
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