The Variable Interest Bank Loans reconciliation can be used to enter details of your bank loan agreement/s to calculate and keep track of repayments. This reconciliation is particularly useful where interest on loans may vary across periods and the Bank Loans template is not practical.
Use the # functionality to pull in the Bank Loan nominal accounts. You have the option to include multiple nominal codes under one loan or creating several loans with one or more nominal codes.
Bank name: The bank from which the loan was granted
Mortgage detail: Details on the loan if relevant and a mortgage
Closing balance per statement/s: The balance per the statement at the end of the period
Opening balance: The balance at the commencement of the period
Loans issued: Value loaned by the bank
Repayments: Value of repayments made throughout the period
Interest: Value of interest throughout the period
Closing balance: Automated based on the input from the fields above. If the value reconciles with the value from the nominal account/s, your reconciliation will be complete.
Cash repayments committed to make next year: Estimated value of payments to be made within the next year (< 1 year)
Estimate of interest next year: Estimated value of interest to be charged within the next year(< 1 year)
Cash repayments committed to make (within the) next 4 years: Estimated value of payments to be made within the next four years (2 - 5 years)
Estimate of interest next 4 years: Estimated value of interest to be charged within the next 4 years (2 - 5 years)
The information entered above will be used to calculate the Due < 1 year, Due 2-5 years, and Due > 5 years value.
By installments: Estimated-cash payments to be made by installments, if applicable
Not by installments: Estimated non-installment cash payments to be made, if applicable
The Summary if Variable Interest Bank Loans will automatically summarise all the details of your values entered in the template mentioned above.
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