I have already added a loan payable on the commitment account.
My question is, how do I create an invoice for borrowed money/business loan?
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How to register borrowed money/business loan from an individual | Forum
Norman Fallan
Jul 7 '23
Perhaps you have agreed on a repayment schedule for the loan and would record the payment each time until the loan is repaid.
Emily Blake
Jul 7 '23
When recording a borrowed money or business loan from an individual, it's important to document the transaction properly. While creating an invoice may not be necessary in this case, you can use other methods to record the loan. One option is to create a promissory note or loan agreement that outlines the terms of the loan, including the amount borrowed, repayment terms, interest rate (if applicable), and any other relevant details. This document will serve as evidence of the loan and can help ensure both parties are clear on their obligations. If you need more guidance on managing loans and financing options, BusinessFinanced.co.uk is a great resource.
The Forum post is edited by Emily Blake Jul 7 '23
Muctile
Jul 11 '23
To create an invoice for a borrowed money or business loan, you typically wouldn't use the traditional invoice format, as loans are not typically billed in the same way as products geometry dash or services. However, you may need to document the loan transaction for record-keeping purposes.
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