Account type choice

[Robin Coon]

This is a current asset.

An interest bearing note will either be a current assets - to become liquid
within
1 year, or a non-current assets - will not become liquid within a year.

As you receive interest on this account, you would make a journal entry to
debit the asset account and credit interest income.

Does this make sense to you?

Robin


Doug Laidlaw wrote:

> I might be explaining too much here, but the Aussie investment scene is so
> different from the U.S.
>
> I have an investment with a finance company.  We call it "bonds" it is
> basically either a debenture - a loan of my money secured on the assets of
> the company, or "unsecured notes", which do not have any security.  These can
> sometimes be traded on the Stock Exchange, but I am not interested in this.
> For accounting purposes, it is an interest-bearing loan.  There doesn't seem
> to be a Gnucash account really suited to this.  The nearest is to set up an
> ordinary Bank account.  Is this right?
>
> Doug.
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