We have a CC with 2 members. The one member paid some of the CC's invoices in the previous financial year (to the total amount of about R18,000), and also lent the CC an amount of R30,000 in cash. Thus the CC owes this member a total of about R48,000.
My question is, how do we record this in our new accounting software (Quickbooks) in the new financial year? Do we add this as an equity account, or can we add it as a long-term liability account and treat it as a normal loan?
Did you like this article? Share it with your favourite social network.