Transaction without real money

[Mihai Rosu]

>From accounting principles point of view, this is how the transactions
should be recorded:

*On Dec 1 you make a contract with Contractor A for room.  There are no
journal entries because you did not receive anything (money) and you did
not give anything yet (1 month's worth of rent).  *

No journal entries.  But you must make paper proof of your agreement of
room and payment.

*On Dec 30:  You receive $40 from contractor.  You owe owner of room $20.
 This is your expense.  I will call it Lease Expense, since that is what it
sounds like what you have.*
*
*
Dec 30:    Cash                                  40
                       Rental Revenue                    40

Dec 30:    Lease Expense                   20
                       Cash                                   20

You must create a Vendor for the owner of room.
You must also create a Customer for the contractor that will pay you for
the room.


On Mon, Dec 17, 2012 at 8:41 AM, tassman <tassman at gmail.com> wrote:

> Oh... cant find words in english...
>
> Hmmm... This transaction for example was done in 1st December. I want to
> note this because money will be given to me on 30st December.
>
>
>
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