View Full Version : Set up a loan account
11-06-2003, 02:11 PM
I have a few bills from one supplier unpaid since last year, as he did not pursue the payment.
How can I convert the bills into loan?
11-06-2003, 07:15 PM
The easiest way to accomplish this is to do a General Journal entry as follows:
Accounts Payable xxxxxxxxxxx
Notes Payable xxxxxxxxxxx
The notes payable account should be a current liability account.
Why do you want to reclassify this debt? Did you actually sign a note?
11-06-2003, 07:57 PM
Might be easier to just make the payments using pay bills and just let the program track the balance due that way.
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