I have two related parties, one with a debit balance and another with a credit balance. How do I get the financial statements to present the due to/from related party balances as a net amount (rather than in assets and in liabilities)?
I am using the map #s 223.2860.01 & 223.2860.02 and have the related party-default note in my financial statements. The note is showing the correct net amount of $43,000 debit, however in my financial statements I have a $53,000 asset and a $10,000 liability. I want this to present as a $43,000 asset.