Accounting Core

How to Take a Loan From Bank

To take a loan from a bank, you have to have a bank created from before. Check out this document on how to create a bank.

Navigate to WP Admin Dashboard → WP ERP → Accounting → Transactions→Journals.

Now click on “New Journal Entry”.

Now, the account you are going to take loan from will be credit and as you are going to take the loan in cash, so that will be debit.

Hit “Save” to finish.

Then click on “Bank Account” to see the transaction.

Your initial balance was:

Cash: Dr $264,100.00

EBL: Dr 000.00

After taking the loan, you will see that,

Cash:Dr $269,100.00

EBL:Cr $5,000.00

Taking Loan From a Bank to Other Bank

If you are going to take the loan amount in another bank account, then just choose another bank name instead of cash.

That’s it!.

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