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How do I record a waived loan?
A waived loan is an indirect income to the business. Create a new account and add a journal entry against that account to record the waived loan.
To create an account:
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Go to the Accountant module on the left sidebar and select Chart of Accounts.
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Click + New Account in the top right side of the page.
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Select Other Income as the Account Type and enter a suitable account name.
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Add the necessary details and click Save.
An account will be created.
Now, record a journal entry for the waived off loan:
- Go to Accountant module and click Manual Journals.
- Click the + New Journal in the top right side of the page.
- Check the details and enter a short note for the journal entry.
- Choose your loan account as the Debit account and make sure to select the account you created as the Credit account.
- Click Save and Publish to record the waived loan.
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