Hi,
On Sun, November 10, 2024 12:43 pm, Chris Green wrote:
> OK, that's fine, so I have an equity account with the amount owed from
> the current account to the building fund. That amount transfers to an
> account in Liabilities. However I'm stuck on how I add further
> amounts owing to the building fund during the year, where do they
> transfer from into the liability account?
The Equity account is (generally) only used for opening balances before
you start accounting. Once you get going, any account opening would
necessarily have a counter/balance account. For example, if you open a
Car Loan, the counter-account would be the Car (Asset), and possibly some
Tax & Fee Expense account(s).
So the question is, what "further amounts owing to the building fund" are
you talking about? In this particular case, I don't really think it IS a
liability -- a liability is when someone gives you sometihng of value and
then you pay them back over time (e.g. a loan, mortgage, etc). In the
case of regular building funds, that would most likely be an expense to
you -- or an asset if you have a way to "get it back".
In the end, of course, if you have a question you should talk to an
accountant for how to record the transactions. IANAA, so take my input
with the appropriate grain of salt.
> Chris Green
> Please remember to CC this list on all your replies.
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-derek
--
Derek Atkins 617-623-3745
de...@ihtfp.com www.ihtfp.com
Computer and Internet Security Consultant
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