It is a contra income account because presumably you are using it to
adjust your income figures down by the forgiven pennies. People also
use contra income accounts for early payment discounts, for example.
Look at it from a semantic clarity perspective:
If you use an expense account, you are say
Quoting Ed W <[EMAIL PROTECTED]>:
> Can you perhaps explain how the "type" of account alters how the ledger
> gets handled? I think I might have used an asset or liability account
> for my penny tracker, but I guess this is incorrect and means that my
> income statement is not going to show it as
Chris Travers wrote:
> Create a contra-income account for tracking the penny and pay against
> that account.
>
Hmm, our emails crossed.
Can you perhaps explain how the "type" of account alters how the ledger
gets handled? I think I might have used an asset or liability account
for my penny
Hi
> I have a scenario which I'm not sure how to handle in LedgerSMB.
>
> I have an customer invoice which is settled, but is a penny out. The
> customer's accounting system has a rounding error (these things get
> everywhere), and basically they are paying me £0.01 less than this
> particu
Thanks Chris; everything seems in order now.
Onwards and sideways!
Cheers,
Richard
Quoting Chris Travers <[EMAIL PROTECTED]>:
> Create a contra-income account for tracking the penny and pay against
> that account.
>
> We may want to automate this process as time goes by.
>
> Best Wishes,
> Chr
Create a contra-income account for tracking the penny and pay against
that account.
We may want to automate this process as time goes by.
Best Wishes,
Chris Travers
On 4/28/07, [EMAIL PROTECTED] <[EMAIL PROTECTED]> wrote:
> HI all,
>
> I have a scenario which I'm not sure how to handle in Ledger
HI all,
I have a scenario which I'm not sure how to handle in LedgerSMB.
I have an customer invoice which is settled, but is a penny out. The
customer's accounting system has a rounding error (these things get
everywhere), and basically they are paying me £0.01 less than this
particular in