5 Answered Questions for the topic bookkeeping
What would be the appropriate account for written off loans to friends and family?
In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts. How would I record this in my... more
Accounting treatment for store credit?
I just got store credit when I returned some bad juice. This left me wondering. Which accounts receive the entries when a store issues store credit? For example, when I made the payment for the... more
Which date to record for a transaction?
I need to record a transaction in a journal. If I take the date of the paper receipt, this might be different to the date on my bank statement. Which one should I use? Should I use one, and then... more
In double-entry book keeping, how should I track planned expenses?
So, I'm working on getting a bit better at managing my household finances and am currently working to learn double-entry bookkeeping. One thing I need to separate out and track a little better is... more
Help in understanding a basic accounting principle?
An entry which increases an asset account is called a debit.' So if my bank account is my asset account, when I debit money, money actually goes out so it is a 'decrease'. But the above statement... more