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charliez's avatar
charliez
Trusted Cover User
5 years ago

Payment of Sales Invoice against a loan account

Hello,   We have an Asset account (Account Type: Other Asset) to record the money we have loaned to our parent company.   We also have some Sales Invoices to our parent company - but they won't p...
  • Mike_James's avatar
    Mike_James
    5 years ago

    Hi charliez , that's correct, and it increases the loan account, I was slightly confused in that I took from your first post that head office expected it to reduce.

charliez's avatar
charliez
Trusted Cover User

OK... so here's what I've done.

 

I've changed the Asset Type of the loan account from "Other Asset" to "Bank".

I then recorded a payment for the outstanding sale invoices, using this loan account as the "Deposit to Account" ... effectively increasing the loan to the parent company. 

 

Seems to work OK.  Is there anything I should be aware of?

Mike_James's avatar
Mike_James
Ultimate Cover User
5 years ago

Hi charliez , that's correct, and it increases the loan account, I was slightly confused in that I took from your first post that head office expected it to reduce.

  • charliez's avatar
    charliez
    Trusted Cover User
    5 years ago

    Yes, you're right; I was confused in my original post.  But it looks like we got the right outcome after all.  Thanks.

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