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
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
