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CT-56's avatar
CT-56
Trusted Cover User
1 year ago

LOAN CANCELLATION JOURNAL ENTRY

I currently have a balance on a liability expense account which I need to reduce to zero as liability has been cancelled. Normally I would be deducting the loan in instalments BUT I have paid all ins...
Princess_R's avatar
Princess_R
MYOB Moderator
1 year ago

Hi CT-56

 

Thanks for reaching out! When it comes to handling loan cancellation entries, you'll need to make a journal entry. While I can't give financial advice, there are plenty of experienced people in the forum who might be able to offer suggestions based on their experiences. It could also be helpful to speak with your accountant about this, as they can give you advice that's specifically tailored to your situation.

 

Feel free to get in touch if you have any other concerns or need further assistance.

 

Cheers,

Princess

CT-56's avatar
CT-56
Trusted Cover User
1 year ago

I good now, thanks my accountant has helped with the query

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