This video provides a demonstration of adding a loan into the Voyant software.
Transcript
In this video, we will be discussing how to enter a loan into the Voyant software.
In Voyant, a loan is considered money that has been lent out by your client and is currently owed to them by an outside party.
To enter a loan:
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Navigate to the plus button in the bottom right-hand corner and select Debts and Loans.
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Go to the Loans section. The borrower is automatically assumed to be someone outside of the plan. If there are other members of this household in the plan, you can select one of them, but primarily it will be someone outside of the plan—this is the person who owes money to your client.
For this example:
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I’ll name this loan “Loan to a Friend”.
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It’s an existing loan that was lent out at the start of 2022.
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The current balance is $10,000.
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The friend is not charging interest.
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The borrower will be paying $500 per month until the loan is fully repaid.
If you need to step up or step down the monthly payment, you can use the Steps function. If the borrower makes a large one-time payment, you can add that as a lump sum. For this example, we’re entering just the basic loan.
Once entered, you will see “Loan to a Friend” in the Debts and Loans section on the dashboard.
To view year-on-year payments:
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In the first year, $6,000 will come into the plan.
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In the second year, $4,000.
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After that, the loan is fully repaid.
If you have any questions while working in a plan, click the client’s name in the top right, select Request Support, and enter your question. This sends us a link to your plan so we can provide assistance.