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Level 1

Can we split a note payable account./ Previous admin added two separate loans together into one account. Need to split them up.

 
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Level 11

Can we split a note payable account./ Previous admin added two separate loans together into one account. Need to split them up.

@user20432 

 

Can we split a note payable account./ Previous admin added two separate loans together into one account. Need to split them up.

 

Sure you can. You can create two new accounts for Notes Payable. Or two sub-accounts of current Notes Payable account.

The question is what do you with historical transactions. If it's not that many transactions, edit the transactions to new account or sub-account. Or you can write a Journal Entry to reclassify the balance. Debit = existing Notes Payable and credit to new two accounts. Hope this helps!

 

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