Adding Loan Type

A loan type is an identifier used by TrakLoan to group accounts within the system and produce totals for the groups at the end of the posting report. The period totals for each loan type are: interest accrued, interest paid, principal paid, loan balance, and unpaid interest. These totals are transferable to your general ledger.

Figure 8 Loan Types Screen

To open the Loan Types screen (Figure 8), use the Databases | Loan Types menu sequence.

Adding a Loan Type

1. Use the Edit | New Loan Type menu sequence or click the New Loan Type tool on the toolbar. The [Update] and [Start Over] buttons will appear.
2. In the Name box, enter a name for the new loan type. The name can be up to 32 characters long.
3. In the Type box, click either Payable or Receivable.
4. Click [Update].

At any time while you’re entering a new loan type you can click the [Start Over] button to begin again.