a person or Entity (with no Customer/Supplier relation) has given a loan to your Company which needs to be paid back over a given period (let’s say 12 Installments over a period of 2 years (so one installment each quarter).
how can you set this up in the accounting? Logically there is a liability which needs to be balanced out over time, so there should be a payable account involved. However as soon you want to use a payable account in a journal entry ERPNext requires a “party” to be added.
As a workaround I was thinking to use a
Shareholder as a party (which is not correct though, because there are no shares of the company being issued against a loan, …
As far as I know there is no way to create a Party Type (which would be the next idea that came up)
Has anyone handled such a scenario successfully and can advise on a way to do this?