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?




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