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repayment of vendor loan

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  • repayment of vendor loan

    We have a loan out to a vendor (we wrote them a check and listed it as "other asset"). We make monthly payment to that vendor for services. They have requested a monthly invoice to show billing for repayment of the loan and want me to deduct the amount from our payment. I am looking for a way to deduct from "other assets" to to reduce the amount owed to us. Can someone offer a solution? This is within a municipality, otherwise I would have them just write a check.

  • #2
    Enter the vendor bill
    after you list the expense or items being purchased, on the expense tab list the loan asset account and enter the amount of repayment as a negative number

    that reduces the bill amount owed and reduce the balance in the loan asset account

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    • #3
      Make the vendor bill after all the products purchased are listed on it. Then add the installment of the vendor loan as a negative figure.
      Also, ensure that the loan amount is reduced appropriately as well.

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