Association paid Loan to staffs. How to handle this on ADDA?

Follow the steps below to meet your requirement :

Step 1 - Create the Staff Name GL

Go to General Ledger>>Chart of Accounts>>Assets>>Add the staff name and group it under (Loans and Advances)

Step 2 - Pass the following journal entries.

Payment Entry - At the time loan issued to the staff

ABC Staff A/c......Dr (Asset>>Loans & Advances)
Bank A/c......Cr (Asset)

Narration - Loan paid to XYZ Staff

Receipt Entry - At the time loan repaid by the staff

Bank A/c......Dr
ABC Staff A/c....Cr

Narration - Loan received by XYZ Staff

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Association paid Loan to staffs. How to handle this on ADDA?

Association paid Loan to staffs. How to handle this on ADDA?

Related Articles

MC or Auditor or a Staff Paid the expenses on be half association and later on Association reimbursed the amount to the MC or to the Auditor or to the Staff. How to account this on ADDA?

MC or Staff Paid the Vendor on be half association and later on Association reimbursed the amount to the Auditor or MC. How to do the accounting entry on ADDA?

How can I post an advance payment from a non-member vendor?

We have paid advance to Staff who is working with the association and deducting the same in their salary, how to track the same in ADDA

Owner has the Advance amount in the Income tracker and due in Utility tracker, he has requested to transfer the amount from Income Tracker to Utility Tracker. How to handle this on ADDA??