how to recors a layby

Rob Brown-Bayliss on_the_net@clear.net.nz
19 Dec 2001 15:41:28 +1300


> expense.  My guess is, if you can get all the money back if you change
> your mind, without any fees, then the money the camera store has is an
> asset (they're basically just holding onto your money as a
> convenience), but if there's some penalty (or no refunds at all), then
> you've bought that camera, and owe them the money.

Yes, I belive I can get all the money if I change my mind...  Have never
tested it though ;o)

SO then it would be an asset, but I see it as a bill I have to pay, so I
think I will leave it as a liability.

I have put the 450 in the expense account already, and thats the bit I
think is wrong, but it has to come to the liability account from some
where?  Any clues?

-- 

  Rob Brown-Bayliss
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