slkelly715 months agoset up third party loanLoaning money to third party how to set up and record payments received Thank you
2 RepliesReplies sorted by Most LikedDoreen_PMYOB Moderator5 months agoHey slkelly71, To set up and record loan payments received, follow these steps: Create a liability category for the loan. Record the loan receipt when funds are received. Log the loan repayments. For detailed information, check out this link. Cheers, DoreenDuncanSUltimate Partner5 months agoslkelly71Doreen_P I understand the Entity is lending money to a 3rd Party.This would be an Asset. A Current Asset if the term of the Loan is less than 12 months.Interest may be charged.Suggest sending a Statement (say every 6 months). Duncan
Doreen_PMYOB Moderator5 months agoHey slkelly71, To set up and record loan payments received, follow these steps: Create a liability category for the loan. Record the loan receipt when funds are received. Log the loan repayments. For detailed information, check out this link. Cheers, Doreen
DuncanSUltimate Partner5 months agoslkelly71Doreen_P I understand the Entity is lending money to a 3rd Party.This would be an Asset. A Current Asset if the term of the Loan is less than 12 months.Interest may be charged.Suggest sending a Statement (say every 6 months). Duncan
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