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How to register a partner advance (loan)

HopeHomes7HopeHomes7 Member Posts: 2

Hello all,

My partner in the business borrowed $10000 from the business as a loan that he would pay in two installments, $5000 in Sep and $5000 in Dec

How can I register these transactions?

Thanks

Gami

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    Gami,
    You would set up a loan receivable as an other asset on the chart of accounts. The disbursements from the transaction page would be coded to that account. When he/she pays it back, the deposit would be categorized against the same account.

  • HopeHomes7HopeHomes7 Member Posts: 2

    Thank you very much

    Really appreciate it

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