On 7/31/2018 2:14 AM, Murray Field wrote: > Hi, > > We have a permanent overdraft with our bank and we operate our account > fluctuating within the overdraft limit approved. > > How should this be classified in gnucash? > > As an asset, a liability or something else? We could not find any reference > to our situation in your guide which we have downloaded. > > We are potential new users. > > Kind Regards, > > Murray and Yvonne Field > > > Get Outlook for Android<https://aka.ms/ghei36> > > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > . > Technically, an overdraft would be considered a liability and should be recorded as such. It is a short term loan and affects net worth.
My recommendation is to consult with and hire a LOCAL certified accountant just to set up your account structure, including tax related accounts. The one time fee is small compared to the tax and/or legal fees you could possibly incur at a latter date. I am not a certified accountant, just my 2 cents worth. <advertising plug> Once you setup GnuCash, you will never consider using any other book keeping software. -- --JEffrey Black M.B.A. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
