Event | GL Accounting | Effect On Current Balance | Effect On Payoff Balance | Current Balance | Payoff Balance |
Loan service agreement is activated | Long Term Loan Receivable 1000 Cash <1000> | 0 | 10,000 | 0 | 10,000 long-term: 10,000 |
First bill segment is produced | Interest: Long Term Loan Receivable 41.66 Interest Revenue <41.66> Transfer Long Term To Short Term: Short Term Loan Receivable 438.71 Long Term Loan Receivable <438.71> | 438.71 | 41.66 | 438.71 | 10,041.66 short-term: 438.71 long-term: 9,602.95 |
Payment is made (with an overpayment of 200.00) | Affect Cash Cash 638.71 Long Term Loan Receivable <638.71> Transfer Long Term To Short Term: Long Term Loan Receivable 638.71 Short Term Loan Receivable <638.71> | -638.71 | -638.71 | -200.00 | 9,402.95 short-term: <200.00> long-term: 9,602.95 |
Create adjustment to remove SA's credit. | Transfer Short Term Credit to Long Term: Short Term Loan Receivable 200.00 Long Term Loan Receivable <200.00> | 200.00 | 0 | 0 | 9,402.95 short-term: 0 long-term: 9,402.95 |
Sync up current with payoff balance | Transfer Long Term To Short Term: Short Term Loan Receivable 9,402.95 Long Term Loan Receivable <9,402.95> | 9,402.95 | 0 | 9,402.95 | 9,402.95 short-term: 9,402.95 long-term: 0 |
Transfer balance to a write-off SA | Transfer From Loan SA: Write Off Xfer Clearing 9,402.95 Long Term Loan Receivable <9,402.95> Long Term Loan Receivable 9,402.95 Short Term Loan Receivable <9,402.95> Transfer To Write Off SA: Bad Loans Expense 9,402.95 Write Off Xfer Clearing <9,402.95> Note, these will cause a balance of 9,402.55 to exist on the write-off service agreement. | -9,402.95 | -9,402.95 | 0 | 0 |