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
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?
In such use cases, you need to Knock off TDS Payable entry with MC or Auditor or Staff GL who have actually paid the amount on behalf of the association and issue the cheque or initiate the online payment to the MC or to the auditor or to the Staff ...
What is the “Already Paid” Option and How Can I Use It?
The “Already Paid” option in your ADDA App or Portal helps you inform your association when you have made a payment outside the ADDA payment gateway (for example, through NEFT, IMPS, or direct bank transfer). If the payment is made through the 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?
In such use cases, you need to pass the invoice and payment entry agains the vendor who have actually provided the services. However, you will issue the cheque or initiate the online payment to the Staff/MC who have paid the vendor. Follow the steps ...
How can I post an advance payment from a non-member vendor?
We understand that advance payments by non-member vendors are uncommon, and ADDA presently does not have a direct mechanism for processing this in the vendor ledger. However, we have a recommended workaround option for you. Follow the below steps to ...
What is the difference between "Advance" and "Deposit"?
The terms "Advance" and "Deposit" refer to two distinct types of payments made by residents or property owners to the association. Advance An Advance is a prepaid amount made by a resident or owner towards future dues, such as maintenance charges, ...