How do I record a short term loan to the firm?
Short term or temporary bank loans are considered to by any loan that is expected to be paid back in under one year's time.
Here are the steps needed to be made if the firm has taken out a short term loan from the bank or any other third party entity:
Create a "Short Term Liability - [EntityName]" account
(optional) Create a "Short Term Liability Principal Repayment - [EntityName]" account (contra liability account)
Record the borrowing of the loan by debiting the Operating Bank Account that the money was deposited into and crediting the Short Term Liability account created in step 2.
Record the repayment of the loan:
Please make sure to consult with your accountant
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