Add an existing loan that has never been recorded in the books

Georgie_8281276
Member Posts: 18 Novice Member

We have a bank loan (P&I) that has been in place since 2012, but never recorded in our books (thankfully the accountant has put them in the end of year financials!). I am still new to journal entries - how do I put it in so our Balance Sheet shows an accurate balance?
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Comments
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You need to look at the balance sheet prepared by your accountant and do a journal entry as at that date. The bank loan will be the credit side. You need to compare your version of the balance sheet with his to see where to put the debit side. I think I would be inclined to give your accountant an accountant's copy of your file and ask him to bring it into line with the final balance sheet he has prepared. He should be an accredited partner. If not, tell him to join up.0
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