Conversion balance: Dealing with multiple private loans and funding sources
Basically setting up Xero for a friends business:
They have multiple accounts receivable and accounts payable to private individuals from years before conversion date. 2026 is the where I'm starting in the software.
Example: John put 50k into the business 5 years ago, I need to pay john back.
I set up a special account code for private loans, but if i owe money to john, david and joe, do I enter them as bills?