Ask Experts Questions for FREE Help !
Ask
    Zen 2019's Avatar
    Zen 2019 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 16, 2012, 05:47 PM
    How do I record a loan payoff in accounting?
    I have several pieces of equipment each with loan payments. I consolidated them and got one new loan at a better rate how do I record the loan payoffs?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jul 16, 2012, 06:10 PM
    Simply transfer the debts to one account, if there are fees expense them
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Payoff home loan Vs Invest [ 2 Answers ]

Pay off Home Loan Vs Invest. What are the criteria for taking the decision?

Commercial loan payoff how to post? [ 1 Answers ]

Good Afternoon, Any help is appreciated! We paid off a commercial loan early which left a balance in my account on quickbooks. How do I adjust that off? Journal entry? Do I credit interest expense account? Thank YOU!

Loan payoff [ 42 Answers ]

I was in an auto accident which was the other persons fault totaling my car. Their insurance company only wants to give me the actual cash value of my vehicle which is far less than what I owe. Does their insurance have to pay what I owe or just the blue book value and do they have to replace my...

Loan Payoff at 401k rollover [ 1 Answers ]

NOT HAPPY HERE! Here's the deal. Example is for clarity. Total 401K is $100,000.00 Outstanding loan is $15,000.00 That's it, now I lost my job of 30 years.

Loan Payoff at 401k rollover [ 1 Answers ]

Our plan administrates paid off an existing loan in my 401K before it was rolled over to an IRA. As of today feb 2, I have not received a 1099R. All other withdrawals from the rollover IRA I have received the 1099R's. QUESTION IS: Should I receive a 1099R for the loan payoff also. THANKS ...

View more questions Search