Writing off money lent or loan taken?
Have a small query regarding writing off debt.
I have a few transactions of money that I have given out. I am not getting these funds back therefore I would like to write it off. The problem is that If I delete the loan I fear the the account linked transaction would get deleted and as such would cause issues with the balances.
Same thing goes to money borrowed. I have settled the the borrowings in other means and would like to remove those loans. But run into the same issue mentioned.
What would be the best method to do this? Open up a new account do the transaction from that and close it off?