Due to/from related party balances and note

Jazzit Fundamentals
#1

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.

#2

Hi J
Right click on the associated map number (223*) and you should have the option to net it. See this link for more info: http://documentation.jazzit.com/jz089_option_to_net_balances_recoverable_payable_on_the_balance_sheet_.htm

Eric

#3

So simple! Can’t believe I didn’t know I could do that! Thank you!!