Under what accounting head should this account be created?

[nosherwan]

Thanks mike, thats what I was thinking about.

so if I create accounts like so, should I only create one account? or
should I create two accounts for the same person? i.e. one under a/c
payable and another under a/c receivable? so that if the balance switches I
start using the other account

e.g. if david owes me 50 its in the a/c receivable and for instance now I
borrow 100 from him

cash                           100
............david a/c receivable   50
............david a/c payable      50

what do you think about such a treatment?



On Tue, Jul 14, 2015 at 4:02 PM, Mike or Penny Novack-2 [via GnuCash] <
ml-node+s1415818n4679433h93 at n4.nabble.com> wrote:

> On 7/13/2015 9:05 AM, nosherwan wrote:
> > Hello all,
> >
> > I want to know under which head should I create an account of a friend
> to
> > whom I sometimes owe money and other times he owes me.
> >
> > Thanks,
>   Accounts should be placed in the tree according to their usual
> balance. If it is more usual for you to be owing your friend money, then
> under liabilities, but if the friend normally owes you money, then under
> assets. If it's more like 50--50, flip a coin, etc.
>
> Michael
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-- 
Assalamu alaykum Wr Wb,
Regards,
Nosherwan Huma
0321 5044480
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