[GNC] Pre-Payments into Liabilities
Gyle McCollam
gmccollam at live.com
Sun Sep 11 19:42:02 EDT 2022
Vance, yes in any accounting system a negative asset, in this case a receivable, is a liability. Leaving it as a negarive receivable where it will offset future invoices is OK.
Sent from Samsung Galaxy smartphone.
-------- Original message --------
From: Vance Turnewitsch via gnucash-user <gnucash-user at gnucash.org>
Date: 9/11/22 6:51 PM (GMT-05:00)
To: gnucash-user at gnucash.org
Subject: [GNC] Pre-Payments into Liabilities
Hello,
I use GnuCash for a small school. One of our parents paid their entire tuition amount at the beginning of the year. I have been fiddling with how to record this.
We bill monthly; therefore, for the payment that doesn't have a receivable yet, shouldn't it go into a liability account? Using the "Process Payment" dialog results in an accounts receivable with a negative balance. This seems odd to me, but it has been some time since I took accounting. In GnuCash's system, is an accounts receivable with a negative balance akin to a liability?
Thanks,
Vance
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