If you have a liability that accumulates interest payments, MyFundAccounting has a simple assistant that guides you through the process of recording the payment; to reduce the liability owed and allocate the interest, as expenditure.
1. Navigate to https://www.myfundaccounting.online
2. Click "Transactions"
3. Click "Transaction assistants"
4. Click "Loans and repayments"
5. Click "Repayment to a third party"
6. On Step 1 select the bank account the payment is being made from.[[ ]]
7. Enter a "description"
8. Click "Next Step"
9. From the first table presented in Step 2, select the liability code from the list
10. From the second table presented in Step 2, select the expenditure code from the list
11. Click "Next Step"
12. On Step 3 enter the details of the payment.
The capital amount is the amount that relates to the liability code, and the amount that the Liability should be reduced by.
The interest is the amount that needs to be allocated to the expenditure code.
If either one of the amounts isn't required, for instance you’re making an interest only payment, you can simply leave the value as zero.
Tip: Tip! If a cheque was issued click "Add Next Cheque" to auto- fil the subsequent cheque number
Tip: The figure at the bottom of Step 3 should reflect the total amount that was paid out of the bank account.
13. Click "Next Step"
14. On Step 4 select the fund the transaction should be allocated to
15. Click "Next Step"
16. Step 5 will provide an overview of the elements you've entered.
17. If everything looks correct and you're happy to proceed click "Save & Post"
