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Robert119's avatar
Robert119
Member
1 year ago
Solved

Writing off a loan

Our club receved $70k from our sporting body.  They now have forgiven the loan.

How do we take it off the balance sheet now that we do not have to pay it back

  • Princess_R's avatar
    Princess_R
    1 year ago

    Hi Robert119,

     

    As we're not accountants, we can't give advice on how to write off a loan. However, you can create a journal entry to reflect this change. It's best to speak with your accountant for specific steps to make sure everything is recorded correctly and follows accounting standards.

     

    Cheers,

    Princess

1 Reply

  • Princess_R's avatar
    Princess_R
    MYOB Moderator
    1 year ago

    Hi Robert119,

     

    As we're not accountants, we can't give advice on how to write off a loan. However, you can create a journal entry to reflect this change. It's best to speak with your accountant for specific steps to make sure everything is recorded correctly and follows accounting standards.

     

    Cheers,

    Princess

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