I have been carrying for a few years a "short term loan receivable" amount. My boss now tells me that they don't owe us, and if they do he can't go back on it. Believe it or not, although I disclose it on every year's "notes to financial statements" he acts like he's never seen it before. :O
Basically, what happened is we traded the value of our services for Memberships in a land development LLC, for which we receive a percentage of sales each year as return on investment.
The value of our services exceeded the value of the LLC memberships and I booked the difference as a loan receivable. They made 2 payments, and the balance has been carried.
Ugh! I hate going back to the general ledger printouts that far back!
What's the best way to get rid of this receivable? Suggestions?
thanks