Refund from Bank Loan

by Vik
(Toronto, Ontario, Canada)

How do I book the cash from a bank loan rebate?

How do I book the cash from a bank loan rebate?

Hi,

My question is that on a Line of Credit account I have, I received a "Rebate" for $500.00 from the bank. So basically $500 reduced from the loan. Now I don't know how to account for this in a double entry bookkeeping system. Any advice?



section divider



Holy Smokes, it's raining money! I'm coming to Toronto!

All joking aside, if it was me, I would book the amount to other income.

Click here to post comments

Return to Small Business Bookkeeping.

Share this page:
Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.



SHORTEN
Your Learning Curve!

 



Warm up your tea cup and check out these chats ...

Click on image above to read the chat.








Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.


A Handy Reference