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How to Deal_Record Loans
Notes and Loans Receivable/Payable must be classified into Short- and Long-term portions for presentation in Financial Statements.
In order to accurately account for Notes / Loans Receivable / Payable, certain accounts must be opened in the right section of the Global Dimensional Chart of Accounts (GDCoA). These accounts present the Short- and Long-term portions of the loan in the right section of the Balance Sheet and other financial reports to allow calculation of the correct percentage of working capital and liquidity in the Statement of Working Capital.