On 6/1/2023 12:24 PM, Michael Hendry wrote:
Thanks, Michael.
IIRC, we exchanged some posts on the list some years ago, when I created
Liability accounts for donations that were earmarked by the donors for
particular purposes and later had to backtrack, following the advice of the
accountant who examines our books. Indeed, I think you may have suggested this
method.
See interpolations below.
Regards,
Whether restricted donations are properly treated as liabilities depends
on:
1) Whether formally or informally restricted (moral restriction only)
<< in other words, whether would need to return if not used for
designated purpose >>
2) Your jurisdiction
Follow the advice of your accountant
Michael D Novack
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