Borrower Receipts Sample Clauses

Borrower Receipts. When monthly installment received from a borrower, is entered into the system, it generates the following journal entry: DR Bank (in Trust – Asset) CR Receivable from Borrowers (Asset) The system allows up to 45 characters in the account number that ensures flexibility needed to handle any type of General Ledger. 3 Some of the fields shown on the screen are described below: Account No: A code set up to identify a General Ledger account, maximum 45 alphanumeric characters; user defined. Description Account description, maximum 60 alphanumeric characters. Account Type Account Type can be Asset, Liability, Equity, Revenue or Expense. An equity type account could be flagged as Retained Earning. Normal Balance Normal Balance can be debit or credit. Assets and Expenses are normally of Debit type while Liabilities, Equity and Revenues are normally of Credit type.