Hi team would it be possible to allow selection of loan type for a Loan Account ?
At the moment a loan account is automatically assigned with an account 12xx, falling to Current Liabilities on BS
Might be helpful if a Loan Account could be marked as Long term Liability and assign it with a 232x account.
My example:
Purchased car, paid by loan for 3yrs
I created a loan account and recorded payment for the invoice from the loan account
I record monthly repayments as bank transfers for this loan account
This is very handy, as I could easily record the payment and repayments.
But Balance Sheet is incorrect as this Loan account falls in Current liabilities <1yr
All “bank accounts” come under that section, but you can create a nominal account (not a bank account) from the chart of accounts under 23xx that will show as a long term liability, you just have to tag transactions to it using “something not on the list” rather than “bank transfer”. This is marginally less convenient in that you can’t pay purchases directly from a non-bank account - you’d have to pay the purchase from somewhere like drawings/DL and then tag the reimbursement to the loan nominal - but the repayments should be no more effort, particularly if you create a bank tagging rule for them.