MONTHLY REPAYMENT OF BAJAJ LOAN HOW CAN I ENTER AND WHICH HEADS?

You'll want to set up a liability account first to track the loan repayment, dhanadinesh@prot.

Here's how:

1. Click the Gear icon, then select Chart of Accounts.
2. Select New to create a new account.
3. From the Account Type dropdown menu, select Non-current liabilities. Note: If you plan to pay off the loan by the end of the current financial year, select Current liabilities instead.
4. From the Detail Type dropdown, select Notes Payable (or Loan Payable).
5. Give the account a relevant name, like "Loan for a car" or "Covid-19 relief loan."
6. Choose when you want to start tracking your finances. In the Unpaid Balance field, enter the amount in the account, and determine the as of date. Enter today's date if you want to start tracking immediately.
7. Select Save and close.

Next, record the money you got from the loan:

1. Select + New.
2. Select Journal entry.
3. On the first line, select the liability account you just created from the Account dropdown. Enter the loan amount in the Credits column.
4. On the second line, select the appropriate bank account from the Account dropdown. Enter the same loan amount in the Debits column.

Lastly, record the loan repayment:

1. Select + New.
2. Select Cheque.
3. Add a cheque number if you plan to send an actual cheque. If you use direct withdrawal or an ETF, enter Debit or ETF in the Cheque # field.

Then enter the following in the Category Details section of the cheque:

1. On the first line, select the liability account for the loan from the Category dropdown. Then enter the payment amount.
2. On the second line, select the expense account for the interest from the Category dropdown. Then enter the interest amount.
3. On additional lines, add any additional fees. Select the appropriate accounts from the Category dropdown.
4. When you're done, select Save and close.

If you're referring to tracking customer loans, you can check this article: Track customer loans.

Here's another one for future reference: How to record a company loan from a company officer or owner.

Let me know if you need further assistance in recording loan repayments.