set up third party loan

Hey 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

slkelly71Doreen_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