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Loan from brother

kitchendresser · 2018-08-02 12:02:12

If I get a loan from my brother, how do I record it in my farm accounts? Do I name him? What would be an appropriate wording for a written IOU?

02-08-2018 12:02pm

#1

kitchendresser

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If I get a loan from my brother, how do I record it in my farm accounts? Do I name him?
What would be an appropriate wording for a written IOU?

0

Comments

#2 03-08-2018 9:46am

heretothere

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"Loan - Patrick" is what I'd call it

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#3 03-08-2018 9:52am

Turnipman

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kitchendresser wrote: »

What would be an appropriate wording for a written IOU?

Names of both parties.

Date of loan and amount loaned.

Proposed repayment details, i.e. repayment date(s) and amount(s) to be repaid.

Details of interest payable (if any) [ note that if interest is payable, then your brother may need to inform the taxman!].

If the amount being loaned is significant, then it might be in your brother's interest to have the signatures witnessed, in which case you'd need the witness details (name and address) too.

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