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Tally loan entry

This query is : Resolved 
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(Querist)
22 March 2012 Respected sir,
I want to know the loan taken & loan given seperate entry in Tally, please reply as earlier as possible.
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CA Jitender Kanswal

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CA Jitender Kanswal (Expert)
22 March 2012 Dear

If you have taken loan from banks then create it under the head secured loan otherwise loan is taken from individuals or from any other source without proper security then create a head under unsecured loans.

for taking loan ..just credit that specific head. and debit bank A/c(if not in cash).

when you give loans, it is generally treated as advance given.
So create a head in tally with the name of that person under the category loans & advances (Asset).

Entry: Just debit that head and credit bank a/c ( if not in cash).
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