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Recording a loan not paid directly to supplier used for previously purchased equipment
Hi Company bought some equipment and paid for it with company money in June and July. Then got a loan in August to cover these costs. I know how to create a bank loan account and a journal entry f...
Hi Dustys,
Thank you for your post. I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.
Regarding your concern about how to enter and what account you should use, I highly recommend speaking to your financial advisor or your accountant. Please read through this Help Article on Loans and Repayments, which has detailed information to guide you with this.
I hope this helps, and please let us know how you go, as we are happy to help further.
Cheers,
Princess
