Community Forum Portal/Portail du forum communautaire
I need help getting this transaction(s) corrected. Our bank has consolidated our new seed tank and old air drill tank loans. We purchased a new seed tank this spring with a loan of $166,000.00. I have this set up already. The remaining balance on our air drill is $68,925.00. We received farm loan proceeds this fall in the amount of $234,295.73. (These two loans combined). I did this in one transaction ( deposit transaction for the proceeds and then L+$166,000 and L- $68925.00), it balanced .... but I think I need to do it in three.
Hello Lou,
I'm not sure I understand exactly what happened but here is what I think happened and what you should do. You bought a new seed tank and recorded that as a C+ (Capital Asset purchase) and an L+ (Loan addition) for $166,000. You have $68,925 left owing on your airdrill. The bank decided to combine the two loans ($234,295.73).
What should now happen is to record a transaction with an L+ for $234,295.73 a second transaction with an L- to the seed tank loan account for $166,000 and a third transaction line with an L- to the old air drill tank loan account for $68,925. This will leave you with a balanced transaction and one remaining loan to pay off.
If this isn't quite what was happening please give us a call at 1-800-667-7893. We are in the office from 7am - 6pm, Monday to Friday. Closed on September 3rd.