Hello,
I want to record a private loan that from a family member.
I have created a Money Received transaction with the 'Deposit Into Account' set as Cheque Account, and the 'From Account' as Private Loan.
This is now showing the Private Loan account with a positive balance equal to the loan amount.
Is that correct?
Regards,
Matt
Hi Matt,
If the Prive Loan account is a liability then it should have a positive balance until the business pays back the loan. By the way, you could record the private loan in the same way as a bank loan:
http://www.solaraccounts.co.uk/help/how-to-record-a-bank-loan-and-repayments.php
Regards,
