5 Answered Questions for the topic bookkeeping

05/12/19

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

05/07/19

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

04/30/19

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

04/04/19

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

03/26/19

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

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