Posted: Tue Aug 25, 2009 1:57 pm Post subject: Insurance Premium Loan
As a small start up consulting company, we have taken out various insurances to cover us for professional indemnity, management liability etc. These cover us for 12 months.
However, instead of paying the full amount of the premiums up front, we have taken out a loan for the insurance premium funding. This includes a finance charge and the total amount is repayable in 12 equal monthly instalments. The loan documentation was provided by the insurance broker who organised the insurances required.
I would appreciate any suggestions on how I can account for the insurances, loan and monthly repayments. I am using MYOB Accounting.
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