[GNC] Operating Checking Account in Overdraft

[Adrien Monteleone]

Interesting question, but this really would be for a local CPA who’s familiar with rules and laws for your jurisdiction to answer. You may find some general guidance on the web for the basic situation and what accounts it will involve. Here’s something that might be helpful: http://simplestudies.com/accounting_for_bank_and_book_overdrafts_and_their_cash_flow_presentation.html

Once you know where it should be classified, if you need help doing this in GnuCash, someone here can help.

Regards,
Adrien

> On Jul 31, 2018, at 2:14 AM, Murray Field <m2urray at outlook.com> wrote:
> 
> Hi,
> 
> We have a permanent overdraft with our bank and we operate our account fluctuating within   the overdraft limit approved.
> 
> How should this be classified in gnucash?
> 
> As an asset, a liability or something else? We could not find any reference to our situation in your guide which we have downloaded.
> 
> We are potential new users.
> 
> Kind Regards,
> 
> Murray and Yvonne Field
> 
> 
> Get Outlook for Android<https://aka.ms/ghei36>
> 
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