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10.9. Loan Received
Recording a Loan Received
1. From the "Financial" menu, select "Loan Received".
2. You will be taken to a split screen. On the right, you will see the "Add Loan Received" input screen. Fill in part of the lender committee's name in the "Lender" field and select the correct record from the dropdown. You can toggle between individuals and organizations.
3. Enter the amount and date in the "Amount" and "Date" fields.
4. (Optional) You have the option of entering a reporting description and internal memo if necessary in the "Reporting Description" and "Internal Memo" fields.
5. (Optional) Set the interest rate (if any) in the "Interest Rate" field.
6. Set the Line of Credit if different from the amount above.
7. Set the correct due date from the "Due Date" dropdown. If "Specific Date" is selected, enter the loan's due date in the "Specific Date" field.
8. Select the correct election and batch from the "Election Period" and "Batch" dropdowns.
9. Select the correct account from the "Account" drop-down.
10. (Optional) If this loan has a guarantor, click "Linking" drop-down and select "Loan Guarantor". If collateral needs to be entered, "Loan Collateral) is also in the "Linking" drop down.
10. Finally, save the loan.