Sometimes Jewellery Manufacturers or Shop owners take loans from different sources of Fine Gold / Silver / Platinum or Cash, on interest and pay back as per the terms agreed within them. The details of the loan can be entered in the feature known as ‘Loan’
In Inventory and Supply Chain, when we put the cursor on the Payment menu, we can see many functions. Among so many features ‘Lone’ is one of them.
Clicking this feature, we get -
We can select the date within which you want to search.
We can select the loans with interest, by selecting Yes or No.
Clicking the action button, we get a drop-down. The drop-down can be used as per our requirements.
If we want to add a new lone, we have to click this plus sign.
On clicking the plus sign we get the following pop-up -
First, we have to enter the date of the loan. Next, we have to select the Loan Account of the Customer. Now you can see two columns. On the left side, we have to enter the details of the cash. The second column is the detail of the Fine Gold/ Silver/platinum taken as a lone. The details are given below -
With Interest Rate - You have to select from the drop-down. Yes or No.
Lone Amount - Enter the loan amount.
Interest Type - Fixed, Percentage (enter the rate of percentage), per 10 grams( If the customer has given a loan and he wants the interest in fine, then per 10gram we have to enter the rate agreed upon.)
Interest Rate - Enter the rate of Interest.
Interest - We have to select the reimbursement period from the drop-down.
Interest On - We have to select from the drop-down, the interest shall be in Ruppes or Fine.
Narration - We can write our narration as per the details.
The same case is on the right column, which is regarding fine. Filling in the details we can save it. Now the account loan has been created, but there will be no effect on Ledger.
After clicking on (4) or (5), we can receive the cash or fine as wanted. Then only the effect can be seen in the ledge.
