Subtitles of the Movie

After we have recorded our loan, it's time to track it. There are a number of different ways that we can track our balances. First, in the Vendor Center, we can open up our vendor's information and we can see all the details for all the checks that we have written. You'll notice that we can filter this and we can also sort by date. If I go to one of the pulldowns and just want to see payments, I can now see a nice, clean list of payments. It doesn't give me the balance outstanding though in this particular screen. So let's close out of our Vendor Screen. Let's go over to our Balance Sheet and at the bottom of the Balance Sheet, we will see all of our Long Term Liabilities. You'll notice that the vehicle loan that we've been talking about is right here. Now, this is wonderful information. It tells me exactly how much I owe. The difficulty though is I may not want everyone to see the information that's on the Balance Sheet. I may assign one of my colleagues to look at balances and make sure that they're recorded correctly, but I'd rather not have them viewing the Balance Sheet. In this instance, we can work with some Transaction Detail Reports. Let's close out of our Balance Sheet and go to our Transaction Detail and here you'll notice that once again I'm looking at the loan, but now I see all of the payments I've made and the starting balance. This gives me a wonderful way of seeing exactly where I am with the outstanding payments. I have a second report that I've set up that shows me now just my Interest Expense. Once again, I'm seeing all of the payments for the truck but this time I'm only looking at the interest. These two reports allow me to see the balance on the principle and all of the interest that I have paid. The Transaction Detail by Account Report was created simply by going to my Reports Menu and looking at a Transaction Detail Report. When I opened it, I then went to Modify the Report. In the Modify Area, I chose a filter. You'll notice that in this particular case, I chose the Interest Expense as the account I was filtering. In the second report, I did the same thing. I once again went to Modify the Report, once again went to my filter but this time I used the Loan Account. Now, of course, to make it easier to see which report is which, I can go to my header footer and simply change the title to reflect that it is the Vehicle Loan. When I say OK, now my report is Saved. As we discussed in our introduction video, I can now go in and memorize the report if I'd like to. When I memorize it, I'll have it quick at hand to get to in my Reports Section. So along with being able to go to the Balance Sheet to track my outstanding balances, I can actually now go into either of my Transaction Detail Reports. What about reconciliation of these individual loans? Probably the easiest method is to use the Bank Reconciliation Area. Once again, if I go to Banking, I'm going to go down to Reconcile and you'll notice it allows me to choose my account. When I go to the pulldown, you'll see towards the bottom that each of my loans are here. If I choose my Vehicle Loan, put in what my records say my balance should be, hit Continue, it allows me now to reconcile each of the individual amounts. I find using the Bank Reconciliation works wonders with each of our loan statements.