In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts.
How would I record this in my books?
Currently I have loans to friends and family in separate asset accounts, which I call "
asset.<person's full name>".
I think I get the basic principle of accrual accounting, but I am not familiar with standard terminology for standard accounts.
I am self-learning accounting to help me manage my personal finances, and manage my small businesses.