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Posted by John on December 10, 2007, 8:06 pm
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>I have been carrying for a few years a "short term loan receivable"
> amount. My boss now tells me that they don't owe us, and if they do
> he can't go back on it. Believe it or not, although I disclose it on
> every year's "notes to financial statements" he acts like he's never
> seen it before. :O
>
> Basically, what happened is we traded the value of our services for
> Memberships in a land development LLC, for which we receive a
> percentage of sales each year as return on investment.
>
> The value of our services exceeded the value of the LLC memberships
> and I booked the difference as a loan receivable. They made 2
> payments, and the balance has been carried.
>
> Ugh! I hate going back to the general ledger printouts that far
> back!
>
> What's the best way to get rid of this receivable? Suggestions?
>
> thanks
Unless you have set up a a bad debt or loss allowance your entry would be
like any other loan write off -
debit loss (expense) account, credit short term loan receivables (asset)
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