Assets with a negative value treated as zero in reports

[Keith Bellairs]

Accountants allow negative value assets onto balance sheets. They are
called contra-accounts. For example, your mortgage on your house can be put
in a contra-account below the asset account for the house. The result is
that you see the net value for the asset. And your bank does not see your
overdrawn checking account as your "liability" account. It is an asset
account with a credit balance. Shit happens.

I never noticed GNC treating credit-balance asset accounts like this. Guess
I should pay more attention to my reports.

On Tue, May 14, 2013 at 10:37 PM, Colin Bell <crb11 at cam.ac.uk> wrote:

> When I do an Account Summary report, any asset I have with a negative
> value (such as an overdrawn bank account) is treated as having zero value.
> This seems to apply to all the Asset and Liability reports.
>
> I assume this behaviour is by design, although it seems broken to me.
>
> Is there an option to turn this off and get a correct balance sheet for my
> accounts?
>
> Thanks,
>
> Colin
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