How do I record the initial loan receivable transaction?
How do I record the repayment of the loan to myself (including principal and interest)?
Loan Receivable is when someone owes your company. (Loan Payable is when your company owes someone.)
Loan Receivable is an asset account type.
To set up all related Loans Receivable account click here.
To record the initial payment of the loan to an individual:
To record a Loan Receivable repayment:
To check the balance of your loan account:
For example: balance of loan.