liabilities account

Peter P

New Member
Hi, I have received an advanced payment. I made the following transaction: origin acc. = "liabilities/advanced payments received" - target acc. = "bank account". In result I've got a negative balance on liabilities. Now the work is done and I want to move that amount from the liabilities to income. Was my first transaction correct? How to make my new transaction properly?


Staff member
Yes, your transaction is correct. You later need a transaction to enter the payment and a transaction to cancel the advance. You have to enter the transactions as they actually happen. I believe you need 2 transactions to cancel the payment advance.

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