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dteasdale140370's avatar
dteasdale140370
Contributing User
17 days ago

subcontractor loan

hi my son sub contracts to me and i recently gave him a loan to purchase tools to get him going . how can i record that as a loan on myob and then show a payment against the loan until it is payed off. FYI it was 2K  payment 

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    16 days ago

    Hey dteasdale140370,

     

    Let's dive deeper on how you can record the repayment of the loan. The first thing you need to do is create a liability category to represent the loan. When you receive the loan, you'll need to record a receive money transaction. Loan repayments can be recorded using spend money transactions. More information regarding loan repayment can be found through this link.

     

    Best regards,

    Doreen