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Hi Lucky,
I have got a similar account here, and it's been configured as a Balance Sheet Account. That's the treatment, accounting wise...
| | | ---------------Original Message---------------
From: LUCKY ADELOYE
Sent: Friday, January 21, 2011 3:45 AM
Subject: Asset Retirement on car in accident
Adofs,your response was graphic and helpful! Vamsi thank for the light u shed on the two radio buttons manual revenue and revenue from NBV in ABAON! The amount recovered from insurance went to the debit of a profit and loss account-asset clearing account. I instructed the guys in receivables to debit bank and credit this p&l account.To me,this asset clearing account ought not to be configured as p&l account but rather as a balance sheet account.What is your take on this? |
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