Writing off a Short Term Loan

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
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Unless you have set up a a bad debt or loss allowance your entry would be like any other loan write off - debit loss (expense) account, credit short term loan receivables (asset)
--
Posted via a free Usenet account from http://www.teranews.com


Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.