There is a specific Ledger Group available in Tally. ERP 9 Accounting Software for Secured Loan Ledger Account creation. Loans such Housing Loan, Car Loan, Personal Loan, Educational Loan taken from Banks or Financial Institutions are Secured Loans as a security (movable or immovable asset) is lodges at the lender.
Likewise, how can I get secured loan in tally?
Enter
- Navigate through Accounting > Chart of Accounts > New Account.
- Provide Loan Account in Name.
- Select Secured Loans from the Group drop down.
- Check Active and Save.
Also to know is, what is the journal entry of loan? Following is the journal entry for loan taken from a bank; Bank Account. Debit. Debit the increase in asset. To Loan Account.