Loan

GardenRevivers

Hello everyone
I am quite new to Crunch and I’m wondering if there is any way to record the initial capital that was added to the account that was a loan. There is no Loan option under banking.
Thanks
Bianca

Katie

Hi Bianca,

For any money that you’ve personally loaned to your business, please record this as a bank deposit.

To record a bank deposit:

Head to ‘Banking > Bank Deposits’:
Select the ‘(+)’ button
Enter the details of the deposit
Select the bank account it was paid into
You’ve got the option to include a reference, which can help remind you what the deposit was for:
Hit ‘Save’

All the best,
Katie

GardenRevivers

Katie Thank you Katie. I have tried that but it only allows to select myself when choosing depositing from, but the loan was taken from a family member not myself.

Katie

Hi Bianca,

There isn’t an option to set up different people as the person making the deposit.

Unless you’ve agreed to pay interest on the loan, please record the money as I’ve described above. I’d recommend adding a reference to note where the money came from.

When it’s time to repay the loan, you’ll record that as a withdrawal. This balances out against the bank deposit.

All the best,

Katie

GardenRevivers

Katie Hi Katie
I understand. There is an interest on the loan. Is there an option to add that on top or how should I record that?
Thanks

GardenRevivers

GardenRevivers Hi Katie
Thanks a lot for your responses. They are really helpful.
Kind regards
Bianca

Katie

Hi Bianca,

The interest would be recorded as a withdrawal as well. You can either include this as part of the repayment or record it separately.

All the best,
Katie

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