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ChristinaC
Oct 29, 2019 1:27 AM UTC
Question

How to book a loan purchased from another entity?

Entity A lent $600,000 to Entity B; Entity C spent $5,000 to purchase the loan from Entity A. (There is a deed of this loan purchase among the three parties.)

For Entity C, how to book the loan purchased?  When the loan is repaid, how should Entity C book the repayment?  Thank you.

1 reply

christine_w
christine_w
Oct 29, 2019 2:36 AM UTC

Hi ChristinaC-

 

To make these transactions properly, we recommend consulting with an accountant so that Entity C's records reflect the repayments correctly. 

 

If you do not have an accountant, you can always find one using our Find a Proadvisor page; where you can find an accounting or bookkeeping professional in your area certified in QuickBooks. 

 

-Christine

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