Hi dannielle24,
In this type of scenario, we recommend reaching out to an accountant for an accurate solution. However, to give you an idea, changing the loan type to a credit card is not necessary. Instead, correctly record the loan transactions using a standard loan account. You can visit this help page for more information:
Receiving payments
Loans and repayments
Regards,
Earl
Hi Earl,
Thanks for your reply.
Sorry, I might not have made that very clear.
The funds from the loan are being directly deposited into the parent company, not in the company that I need to create a loan account for so when I do the receive money transaction, I cannot select the loan account it only gives me the option to select a bank account or credit card.
For example:
The supplier invoice from the parent company to the secondary company is $450,000.
The loan funds of $350,000 are being directly deposited into the parent company's account (no transaction takes place between the parent and the secondary company).
The secondary company needs to pay the balance of $100,000 to the parent company.
To clear the supplier invoice and record the loan, I thought I might be able to credit the loan account for $350,000 and transfer that balance to the outstanding invoice.
Thanks again
Dannielle
