How do I setup Loan Account in TimelyBills?

Modified on Tue, 24 Dec, 2024 at 9:20 PM

TimelyBills allows you to easily create and track Loan accounts.

Below are some key details on how loan accounts function in the app:

After setting up a loan account, you can use it to track the loan account schedule and its interest for each installment.
Each time you make a transfer to the loan account, the due balance will automatically update to reflect the new total as well as the the total interest paid amount will be automatically updated as per the interest rate and loan frequency.

Steps to set up a Loan Account:

Navigate to the Dashboard > Accounts.

Click on the + button and select Loan.

Enter the information like Loan Type, Bank, name, number, and importantly the Total Loan Amout, Current Outstanding, and click Next.

Now enter the loan account related details like interest rate, duration (in months), installment frequency, compound frequency, and payment due date, and click Next.

The next screen would generate the loan schedule based on the information provided. Review the loan scheduler with all the information and correct loan details if required before proceeding ahead.

Click on the Next button, if loan schedule details are fine.

Review and Confirm: Review all the details you have provided for accuracy. If everything is correct, click "Create" to finalize and create your credit account.

Account on Accounts list screen: Once created, the newly created account will be available on the Accounts screen with its available balance and due balance.