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

[hendrik at topoi.pooq.com]

On Tue, Dec 23, 2008 at 03:19:45PM -0500, Derek Atkins wrote:
> 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 ?

Imbalance?

> 
> > Please remember to CC this list on all your replies.
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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
>        warlord at MIT.EDU                        PGP key available
> 
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