What's "Loans payable" vs "Loans receiveable"?

Question asked by cristina serra ruiz 9 years ago

I'm explaining a loan repayment in the loan bank account , but I dont know whether in "Account" options, it should be "Loan payable or "Loan receiveable" . No idea what they mean. Help please!

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Hi Christina - Loan payable, is a loan you have received from someone and so is "payable" by you, whereas Loan receivable is a loan you have made to someone else and so is "receivable" by you.

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9 years ago

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