FAQ: How Do Loans Work In Bullet Online Accounting Software
Why does the “Record payment for bill” only display sometimes?
This link is only available when a bill has not been fully paid. If a bill is fully paid, and you view it, there won’t be a “Record payment” link, because it’s already been paid in full. If the bill hasn’t been fully paid, then the link will be visible.
But when I set the loan in the future they disappear?
You’re actually on the loan page in that screen – not a bill page.
How Loans Work?
When you create a loan, we ask you for 2 dates:
1) When did you get the money: This is the date that you get the loan into your account. After the loan has been created, we will increase you bank account balance in bullet by the loan amount on this date.
2) When do the repayments start: This is the date that you are start paying back the loan. Bullet will create a Bill on this date, and then every month/week to record the fact you owe the bank money. You can mark those generated bills as paid (they will be automatically marked as paid if you selected that option when creating the loan).
The idea behind loans is that it’s money you get but make regular repayments of the same amount each month – it’s not designed for when you get money and repay it at random times or different amounts. It’s typically means for recording loans from banks, credit unions etc.