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Booking a loan in ClubBalans

For new changing rooms or the renovation of the canteen, a club borrows money from the bank or from a member. Then the debt has to be on the balance sheet, every installment has to be split neatly into repayment and interest, and at the end of the year you want to know what is left. In ClubBalans you enter the loan once and process the installments from the bank statement. At every step you see a screen with example data.

Our example: Sportvereniging De Demo borrows € 30,000 from the Rabobank for the renovation of the canteen, to be repaid in 60 months at 3.5% interest. You need a bank account for step 3; you set that up in processing bank statements.

A calculator and printed charts on a desk, with a laptop behind them

Step 1: add the loan

In the main menu go to Accounting and choose Loans. Click New loan at the top right. At the top you give the loan a name and enter the other party, with the IBAN that ClubBalans uses to recognise the installments later.

The form for a new loan with the kind of loan, the amount, the interest rate, the start date, the way of repaying and the account the money arrives on
The form for a new loan with the kind of loan, the amount, the interest rate, the start date, the way of repaying and the account the money arrives on

Kind of loan: Borrowed by the club when the club received money it has to pay back, Lent by the club when the club lent money to someone else.

Amount, interest and start date: the amount of the loan, the interest rate per year and the day the money arrives. Did the loan already run before you started with ClubBalans? Then enter the debt as it is now.

Way of repaying: annuity (the same total every installment, like a mortgage), linear (the same repayment every installment, so falling interest), interest only (everything at the end) or free (no schedule).

Term and installments: the number of months and how often you pay: every month, quarter, half year or year. The term has to be a whole number of installments.

Account of the money: the bank account or cash register the money arrived on. ClubBalans books it on the start date. Does the money arrive as a bank transaction you process yourself? Then choose Not booked.

Click Save. The loan gets its own balance category under Leningen, so the debt is on the balance sheet, and a category for the interest. By default that is Betaalde rente, or Ontvangen rente for money lent out. On the page of the loan you can choose another interest category.

Step 2: look at the schedule

Below the form of the loan is the repayment schedule: when each installment is due and how much of it is repayment and interest. The interest is the yearly rate for the months of one installment, calculated over the debt that is left.

The schedule of a loan with the repayment, the interest and the total of every installment, and whether it is booked
The schedule of a loan with the repayment, the interest and the total of every installment, and whether it is booked

Repayment: the part of the installment that lowers the debt. With an annuity loan this part grows every installment, because the interest falls.

Interest: the part of the installment for the interest, over the debt at that moment.

Status: Booked when the installment has been processed, Upcoming when it is still to come and a red Not booked yet when the due date has passed and the installment is not processed.

You cannot change the terms of a loan afterwards. If you made a mistake, delete the loan while only its first booking exists and enter it again.

Step 3: process an installment

Import the bank statement and open the bank transaction of the installment. If the amount is exactly the next installment and the payment is from the lender (the IBAN or the name matches) or within ten days of the due date, ClubBalans suggests splitting the installment into repayment and interest.

Processing the bank transaction of an installment, with the repayment on the loan and the interest on the interest category already filled in
Processing the bank transaction of an installment, with the repayment on the loan and the interest on the interest category already filled in

Suggestion: ClubBalans recognises the installment and says which installment of which loan it is, with the repayment and the interest.

Repayment: the first line books the repayment on the category of the loan, so the debt falls.

Interest: the second line books the interest on the interest category, a cost of the year.

Process: books the transaction and moves on to the next one. The installment shows as Booked in the schedule afterwards.

If the amount of the bank differs a few cents from the schedule, you get no suggestion. You then split the transaction yourself with the same two lines. Repaying extra works the same way: book the amount on the category of the loan. You can never repay more than what is left.

Step 4: keep the overview

Under Loans you see all loans of the club with what is left.

The overview of the loans with the debt that is left, the interest of this year and the next installment
The overview of the loans with the debt that is left, the interest of this year and the next installment

Left on: the debt that is left on the last day of the financial year, or today when the year is still running.

Interest this year: the interest booked in this financial year.

Next installment: the date and the amount of the next installment that is not booked yet. When the date has passed it turns red and the overview says at the top that there are installments to process.

Still to repay: the total debt of all loans the club received. If the club also lent out money, what is still to be received is shown next to it.

The debt is on the balance sheet under Leningen and the interest in the profit and loss account. When you close the financial year, ClubBalans warns about installments of that year that are not booked yet, and about interest that has built up since the last installment and is not in the figures yet. You book that interest yourself with a manual entry.

Good to know

  • The debt of a loan can never drop below zero, not with a manual entry or a cash booking either.
  • A loan with only one booking, the receipt of the money, can be deleted. After that the bookings stay.
  • Who may manage loans is set per role, and every change goes into the change log.
  • You find more about booking in bookkeeping and bank and cash.
Questions

Frequently asked questions

What is the difference between a loan the club receives and a loan the club lends out?

With a loan the club receives (for example from the bank or from a member), the club has a debt, which is on the balance sheet under the liabilities. With a loan the club lends out (for example to another club), the club has a receivable, which is under the assets. Interest is a cost for a debt and income for a receivable.

My loan was already running before I started with ClubBalans. How do I enter it?

Enter the debt as it is now as the amount, with the date of your last paid installment as the start date, and choose Not booked at Account of the money. Put the same debt on the category of the loan: on the opening balance if this is your first financial year, otherwise with a manual entry. The schedule then runs from the next installment.

Can I change the terms of a loan afterwards?

No, because the schedule and the bookings follow from the terms. You can change the name, the other party, the IBAN and the interest category. Did you enter the loan wrong? Delete it while only its first booking exists and enter it again. If an installment is already booked, keep the loan and book the difference with a manual entry.

Does the schedule match the schedule of my bank?

The ClubBalans schedule is a calculation with the yearly rate for the months of one installment. A bank sometimes calculates per day or rounds differently, so an installment can differ by a few cents. Then the amount of the bank transaction does not match the suggestion exactly. You process the transaction yourself with the repayment and the interest as the bank lists them.

Can I repay extra?

Yes. Process the bank transaction on the category of the loan. The debt drops by that amount. You can never repay more than what is left: ClubBalans refuses such a booking. The schedule is not recalculated: installments show as Booked as soon as enough was paid. If your bank recalculates the installments after an extra repayment, you no longer get a suggestion and you split them yourself.

What does ClubBalans do with built-up interest at the end of the year?

ClubBalans does not book the interest that has built up since the last installment for you. When you close the financial year you see a notice with an estimate per loan. If you want the interest in the right year, book it with a manual entry as an amount still to be paid and reverse it in the new year.

Who may manage loans?

Administrators and every role that has the Loans permission ticked. You set that under Settings, in the permissions per role. The treasurer role has it by default. Everything you do with a loan is written to the change log.

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