Forum Discussion

Robert119's avatar
Robert119
2 days ago

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
    24 hours 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

Princess_R's avatar
Princess_R
MYOB Moderator
24 hours 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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