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francamm's avatar
francamm
User
6 months ago

Setup loan account to purchase business

Hi, I'm setting up MYOB for a friend who is loaning $9000 from her parents to purchase a business. 10% has already been paid directly to the vendor from her personal account (not come through her trading account), and the parents have deposited the remaining 90% into the trading account.  I have set up a liability account for the loan, but if I allocate the received funds of $8,100 to that loan, then when the final payment to the vendor is made, the loan account will be zero.... can someone please help me with how this should be set up?  Thank you!

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  • Leneth_A's avatar
    Leneth_A
    MYOB Moderator
    6 months ago

    Hi francamm, 
     
    Thanks for your post. Please allow me to extend to you a very warm welcome to the Community Forum. 
     
    In this situation, we recommend you speak to your accountant for personalized advice based on your friend's specific financial situation. It's important to confirm with your accountant the most appropriate way to record those transactions and ensure accurate reporting.
     
     
    Feel free to come back to the Community Forum if you have any more questions, we are more than happy to assist. 
     
    Cheers,   
    Leneth

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