Posting an expense?

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ereid
ereid Registered Posts: 28 Regular contributor ⭐
in Chat and off-topic discussion
Just revising and need to know how to post an advance on an expense, it is a cash advance recieved against computer equipment used for a sale. Not exactly an expense, not really an asset to the company, help please?:confused1:

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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    It's going to be DR Bank (or DR Cash, if it is literally cash received) and CR wherever the money came from (whoever advanced it).

    Then you would CR Bank/Cash and DR computer equipment when the money was used for purchasing.

    Is that what you were looking for? :001_smile:


    (In the back of my mind I am thinking that maybe they want you to allocate the money to some kind of reserve account which seems awfully long winded to my accountant-in-practice mind, and if that's the case, I'm not sure, but it's always a case of CR where the money came from and DR where the money is going, and if they want to see it in a separate account then make one aptly named. If I am waffling on about nothing, then ignore this rather long winded paragraph. Ironic? Night night :001_tt2:)

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