We purchase our fertilizer and spray through our local elevator and have an account with AgPartner with a line of credit for these purchases. We use a cash accounting system. Would I set the AgPartner line of credit up as a loan and post the expenses (fertilizer and spray) as they are incurred posting (L+) and then posting (L-) when a payment is made. Or should I be setting AgPartner up as an account payable still posting the expense as incurred and reducing the payable when a payment is made.
ADMIN RESPONSE
Feb 10, 2025
Hi Sandra. Either way would be fine, though my preference would be to use L+/-.
