Adding SBA or other Loans

 

Most cases these loans are directly deposited into your bank account.  There are a couple ways to set this up in MaxxTraxx.    One is through Non Invoice Cash In (you will need to set up the transaction in default account posting first) or through Bank Reconciliation Adjustment.

 

Non Invoice Cash In:

1.       Got to setups / Accounting and Payroll

2.       Default  Account Posting

3.       Under the “Transaction Category” click “Misc. Cash Income Disbursement”.  This will allow you to add a transaction type

4.       Click “Add Transaction Type”

5.       Put in the name of the transaction  (Example: SBA Loan – Cares)

6.       Click the “select” button next the G/L Account #

7.       To see what account number to assign.  (Since this will be a “note” it’s a liability account.  You will want it to start with 25).  Type in 25 so it will drop you down to the notes section of your chart of accounts.   Click “Add G/L Account” button on the lower left.  Now you can create your GL account specific to this loan (Example: 25400).  Type in the GL Account number you came up with (Example: 25400), your description (Example: SBA Loan – Cares)  Account type “current liability”.  If the loan is a long term note, you can select account type long term note.  Click OK / Select the account / OK /Close.

8.       Now you’ll be able to add it in Non Invoice Cash in.  Go to “Cash Drawer” (Money Bag Icon)

9.       Select Non  Invoice Cash in

10.   Following the prompts for Reason for cash in / Amount / Used the drop down box to choose your Payment Method (direct deposit is a check in MaxxTraxx)/  GL Account / put in your date that it was deposited / Finish

11.   This will put the amount in your “Make bank deposit”.  Go to Banking

12.   Make Bank Deposit / Choose checking account /Select

13.   Tag the check that was just done / next / select your date if not the same date/Post & Close

 

Bank Reconciliation Adjustment:

1.       Banking

2.       Reconcile Bank Account

3.       Select the account that it is being deposited in to.

4.       Click the Add button lower left and select “Adjustment”

5.       This will bring up the Account Adjustment screen.  Click the “Add” button lower left

6.       Now you can create the adjustment (this is not the actual adjustment yet, this is the adjustment detail) Type of Adjustment will be “Deposit” / Description (Example: SBA Loan – Cares) / Account click the “select” button.

7.       To see what account number to assign.  (Since this will be a “note” it’s a liability account.  You will want it to start with 25).  Type in 25 so it will drop you down to the notes section of your chart of accounts.   Click “Add G/L Account” button on the lower left.  Now you can create your GL account specific to this loan (Example: 25400). 

8.       Type in the GL Account number you came up with (Example: 25400), your description (Example: SBA Loan – Cares).  Account type “current liability”.  If the loan is a long term note, you can select account type long term note.  Click OK / Select the account / OK.

9.       Leave the amount 0, click OK.  This has now added this to your Account Adjustments list.

10.   Highlight the loan and click select

11.   This brings up the actual adjustment.  Account / Account Name and description are filled in for you.  You can add more to this description if you want more information in it.  Select the date if not the correct date.  Put in the amount of the loan and any memo you may want. Click OK.

12.   This adds it to your bank account and puts a check mark in the reconciliation.  Click Done / Save Only.