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?
 
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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