Account Loans - Loan Management
Manage loans with auto interest calculation and payment schedules
The Account Loans module helps businesses manage bank loans, auto-calculate interest, create periodic payment schedules and track outstanding balance.
The system supports multiple interest methods, auto-generates accounting entries and provides detailed loan status reports.
Key Features
Key points
• Loan Tracking: Track multiple loans simultaneously
• Interest Calculation: Auto-calculate interest by method
• Payment Schedule: Detailed monthly repayment schedule
• Auto Entries: Auto-generate interest and payment entries
• Balance Tracking: Track principal and interest balance
• Multiple Methods: Simple, compound, declining interest
Loan Management Process
Steps
1. Create Loan: Enter loan amount, interest rate, term
2. Schedule: System auto-creates payment schedule
3. Repay: Record periodic payments
4. Interest: Auto-calculate and record interest expense
5. Track: View remaining balance and interest paid