question on how to handle A/R's and excess cash/income

[Derek Atkins]

Hi,

Quoting Girard Aquino <girardaquino at hotmail.com>:

>
> Hi. We sort of lost track of cash payments being made for credit card
> transactions we made for friends and family. Can anyone check if I'm
> doing the right thing as far as where to create transactions and where
> to transfer from is concerned please.
>
> What I did was to make a split on the CC transaction and transfered them
> to a new A/R's (Friends, Family). They paid in cash and so I transfered
> from A/R's to Cash in Wallet. This is the correct way of handling this
> right?

Yes... Although no need to use an A/R account here -- you could just
use a regular Asset account.

> Second question: We lost track of 25 bucks and I'd like to place this
> somewhere so it doesn't show up as red... hehe. where should this be
> classified then? I mean, we have an excess of 25 in our wallet which
> could not be traced back anymore.

Income:Windfall ?

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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