Want to record a loan? While we are developing a feature to make this easy, here is the work-around to get you started.
Let’s look at an example: Imagine you just received a loan for GH₵1200 with 10% monthly interest. This loan is to be paid off in 1 year.
Recording a loan
Follow the instructions below to record a loan using the example above:
In your OZÉ app, go to the transaction screen by clicking the Menu in the top left corner. Then click Transactions. ( ☰ ➜ Transactions )
Click NEW in the top right corner.
Select SALE and enter the loan amount (GH₵1200) as the amount of the sale and mark it as PAID. Make sure to select (or create) the category Loan. SAVE the transaction.
Select NEW again to create another transaction. This time, choose EXPENSE and enter the loan amount (GH₵1200) as an expense marked UNPAID. Make sure to select the category Loan.
Now, each time you make a payment, (ex: GH₵100 principle + GH₵120 interest) you need to do 2 things:
First, open the loan expense and add GH₵100 to the “amount paid”. If you have many transactions, you can find this by filtering for the category “Loan”. Once you find the transaction, just click on it to open it. SAVE.
Second, create a new expense for the interest (GH₵120) and choose the category Loan and the description “Interest Payment”.
When you have paid the loan off completely, the Loan will move from the Waiting list to the Complete list.
If you want help recording a loan, send the term of your loan to Coach and they will walk you through it.