What's the best way to record this?
Lincoln A Baxter
lab at lincolnbaxter.com
Sun Jan 2 22:52:03 EST 2011
Whoops... accidently sent before finishing...
On Sun, 2011-01-02 at 22:50 -0500, Lincoln A Baxter wrote:
> On Sun, 2011-01-02 at 20:48 -0500, Michael DeBusk wrote:
> > "Ryan Flegel" <rflegel at gmail.com> wrote:
> > >What's the best way to record this?
> > Using a liability account is the correct way. I see nothing wrong with doing it the other way, though, if it's a one-time thing.
> I don't think so... when someone owes you money, it is a liability for
> THEM, and an ASSET for you. The correct way to record this is with an
> Asset account. All loans YOU make to others, are assets to you. All
> money borrowed from others are your LIABILITIES. (Think Credit Card --
> which is a liability to you -- and an asset to the bank) When you lend
> you are the bank.
> I have a asset accounts for each person that owes me money:
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