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We are looking at Loan Transactions and in this session we are looking at Loan Receipts and Loan Credits.

Both of these Transactions can be used to Process a Receipt or a general Credit to a Loan or even to correct a miss-allocation.

The essential difference between a Loan Receipt and a Loan Credit is that on the Credit Journal there is no concept of a potential Receipt that can be Printed.

But otherwise both of these options can be used to receipt to cash Receipt Account, a Bank Account or even a General Ledger Account.

So more commonly, if we were receiving cash or a Cheque we would use a Cash Receipt Account. If money has been paid into our Bank Account, of course we will use the Bank Account and in some cases for miss-allocations or corrections, we could be using a Ledger Account.

 

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In our 1st example we use the Loan Receipt Option. The transaction date for all Loan Transactions are critical because the Transaction Date is the one that impacts on the Loan Balance on a particular date and this of course has an effect on interest calculation on Daily basis.

So it is important to use the correct Transaction date to reflect when the event happened, rather than the Current Date. If things are done afterwards, we should still be using the correct Transaction Date.

 

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In this example I am selecting a Cash Receipt Account because we have received a Payment, either Cash or a Cheque, and we are Receipting to Cash Receipt Account.

 

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The System is going to generate a Receipt Number, regardless of whether we actually Print a Receipt or not.

 

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In this example I actually choose not to Print a Receipt.

 

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All the Transaction Options can be processed to Capital or to Current.

The System will generally default the correct context, in other words, Receipting is usually to Current. Therefore at Capital we have an N for NO.

If we are processing a Cheque, we may also be filling in the Bank Code, Signatory and Branch or Town Fields. In this case I am not doing that.

 

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Next we look at a Loan Credit Transaction.

 

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