We have a loan given by an individual recorded under 2301 as a loan to the business, but the individual has agreed to write-off part of it.
Grateful for advice about how to do this.
We have a loan given by an individual recorded under 2301 as a loan to the business, but the individual has agreed to write-off part of it.
Grateful for advice about how to do this.
It would count as income, so journal Dr 2301, Cr 4??? income
*Community Hub is the new name for Sage City