Please Forgive Us For Interrupting Your Weekend…

…as you teach the youth of your hamlets and hollers the joy of double-entry accounting (and is that loan to your old college friend really an asset or a liability, now, hmmm?), but we would be remiss if we did not alert you that our pal Burr Deming has posted his best-of-the-web links complete with wry commentary at the essential blog Fair and Unbalanced.

We will of course keep this post on top and fresher posts —if any!— will be below.

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2 Responses to Please Forgive Us For Interrupting Your Weekend…

  1. MDavis says:

    That loan to your old college friend, if it actually from old college times and not collected and properly and duly documented – write-off. This moves it from the books with an offset loss against assets and reported as such on your tax reconciliation.
    If you still expect the loan to be paid, if it is fairly recent, you record the cash (outgoing) as a credit to cash and a debit to loans (receivables)
    Personal loan? Not applicable. If you can’t tax it it doesn’t really matter as far as the books are concerned – it’s between you and your old college friend.
    And remember, folks, what is the difference between a debit and a credit?
    Debits go to the left and debits go to the right.

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