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Categories AgExpert Accounting AgExpert Analyst
Created by AgExpert Support
Created on Jan 9, 2017

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I'm wondering how to enter a transaction(s) in the following scenario:
I want to set up a loan for the amount of a deposit required for a land purchase. The deposit would be a loan from a personal account to the farm account and that same amount would later be withdrawn from the farm account in trust to the lawyer's office. The rest of the money for the land is being borrowed from FCC so this loan will need to be recorded also.

  • ADMIN RESPONSE
    Feb 10, 2025

    HI Leslie! You'd need to enter a couple of transactions. The first would be a deposit offset by a PA line if you're a sole proprietor or partnership or L+ to Shareholder Loans if you're a Corporation.
    The 2nd transaction would be a withdrawal for the appropriate amount, followed by an A+ line to record the land and an L+ line to record the new loan.
    Hope that helps! :)

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