FolioPactBegin with the agreement
Record the borrower, currency, amount advanced and agreed calculation rules. Keep the payment schedule and actual payments distinct: a due date describes what is expected, while a receipt records what arrived. A schedule alone is not evidence of payment.
Keep a complete receipt record
A useful repayment record includes the amount, payment date, account or cash source, payment method and a bank or receipt reference where one exists. Cash payments may have no bank reference. FolioPact’s live financial posting is not available yet; explore the current demo fields using fictional details.
Separate principal from interest
For an illustrative loan with principal of ₹1,00,000, suppose a ₹5,000 receipt is agreed to cover ₹2,000 of interest and ₹3,000 of principal. The remaining principal is ₹97,000. This example assumes those allocations and no other adjustments; entering ₹5,000 entirely against principal would produce a different result. Apply the actual agreement’s rules when reviewing a record.
Review references and corrections
Compare the date, amount, account and reference against your source record before confirming an entry. A repeated reference may indicate a duplicate, but it needs review. When an entry is wrong, retain an explanation and a link to the correction so the history remains understandable.
Check the ledger as of a specific date
Review advances, repayments, allocations and adjustments up to the date you need. Keep each currency separate and compare the ledger with the underlying receipts. You can explore dated ledgers and reviewed entries in FolioPact’s fictional-data demo.