This video demonstrates how to enter a loan into the Voyant software.
Transcript
In this video, we will be discussing how to enter a loan into the Voyant software.
Important - In Voyant, a loan is considered money that has been lent out by your client and is currently owed back to them by an outside party.
To enter a loan into the software, navigate to the plus (+) button in the bottom-right corner and select Debts and Loans. Go to the Loans section. You’ll notice that the borrower is automatically assumed to be someone outside of the plan. If there are other members of this household in the plan, you do have the option to select one of them. However, most often, the borrower will be considered someone outside of the plan—the person owing money back to your client.
For this example, I’ll name the loan “Loan to a Friend.”
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This is an existing loan, loaned out on January 1, 2022.
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The balance is currently $10,000.
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No interest is being charged.
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The borrower will be paying $500 a month until the loan is fully repaid.
Looking at the Steps feature for just a moment: if you ever need to increase or decrease the monthly payment amount, you can use Steps here. If the borrower wants to make a large, one-time lump sum payment, you can enter that as well.
For this example, I’ll simply enter the loan. You’ll now see Loan to a Friend listed with the current loan amount in the Debts and Loans section on the dashboard.
To see how the repayment looks year by year, you’ll notice:
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$6,000 coming into the plan in the first year
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$4,000 in the second year
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After that, the loan is fully paid off.
If you have any questions while working on a plan, click the name of your client and select Request Support. This provides a link to your plan and allows us to assist you directly.