Loan process

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Sometimes, you may need to borrow money from a bank or another company for a short term. With such a loan, for the period you agreed with your lender, your company can fill up its working capital, while your lender can earn interest and an optional loan commission.

Alternatively, you can lend the money to another company or to your employees as a short-term loan and also earn interest.

In either scenario, you need to register such loans in 1C:Drive as they affect your company's balance sheet, cash flow, and income statement.

Loan process is a process of managing loans issued or received by your company. This incudes registering loans, tracking loan interest, managing payment reminders, and recording sent or received payments.

1C:Drive supports the following loan process steps:

Set up loan process.
Register a loan contract.
Record issue or receipt of loan funds.
Set up loan payment reminders.
Register interest accruals.
Record payments.

Setting up loan process

Before you start the loan process, do the following:

If you plan to receive loans from a new lender or issue loans to a new borrower, register that counterparty in the Counterparties catalog with Other relationship account type (in the counterparty's card, select the Other checkbox).
If you plan to set loan payment reminders:
1. Go to Settings.
2. Under Application settings, click Organizer.
3. Under Reminders and message templates, select the Reminders checkbox.

Registering a loan contract

To keep records of a loan you agreed upon with your counterparty or employee, register a loan contract in 1C:Drive. A loan contract defines whether your company is a borrower or a lender and specifies all the terms according to which you are to receive or issue the loan, pay for it, or get payments for it.

The loan contract is the source document from which you generate documents that describe both scheduled and actual accruals and payments on the loan.

To learn more, see Creating loan contracts.

Recording issue or receipt of loan funds

When your company issues or receives funds according to a loan contract, you need to record this fact in 1C:Drive.

To record receipt of loan funds from a lender, generate bank receipt or cash receipt from the loan contract. In the generated document, Operation will be automatically set to Loan borrowed.

To record issue of loan funds to a borrower, generate bank payment or cash voucher from the loan contract. In the generated document, Operation will be automatically set to Loan to counterparty or Loan to employee, depending on the loan contract type.

Most details of the generated document will be populated from the loan contract. Review and, if needed, edit them before posting the document.

Setting up loan payment reminders

After you register a loan contract, you may want to set reminders that will notify you that it is time to pay or get a payment for the loan.

You can set reminders either for the first payment or for all payments scheduled in the loan contract.

To create reminder for the first payment scheduled:

Open the loan contract.
Click More actions > Organizer > Remind.
Specify when you want the reminder to appear.
Click Save and close.

To create reminders for all payments scheduled:

Open the loan contract.
On the Repayment terms tab, click Create reminders.
Select when you want the reminder to appear.
Select the user who will get the reminder.
Click Create payment reminders.

Registering interest accruals

Typically, a loan contract includes an interest the borrower is to pay to the lender. Also, the contract can include a commission. So, for such loans, interest and commission serve as the borrower's expenses.

To record your income or expenses from received or paid interest and commission, create loan interest (commission) accruals documents in 1C:Drive.

To learn more, see Creating loan interest (commission) accruals.

Recording payments

When your company makes or receives payment under a loan contract, you need to record this fact in 1C:Drive.

To record payment to a lender, generate bank payment or cash voucher from the loan contract. In the generated document, Operation will be automatically set to Loan repayment.

To record receipt of payment from a borrower, generate bank receipt or cash receipt from the loan contract. In the generated document, Operation will be automatically set to Loan repayment by counterparty or Loan repayment by employee, depending on the loan contract type.

Most details of the generated document will be populated from the loan contract. Review and, if needed, edit them before posting the document.

Loan process diagram

The diagram below illustrates common steps of both variations of the loan process (lending and borrowing).

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