Chart of Accounts

accountability · #1 Apr 9, 2007, 01:49 PM

I must put down earnest money to purchase property. Where does the entry for earnest money go in the chart of accounts?

lsbean · Apr 10, 2007, 12:11 PM

Quote:

Originally Posted by accountability

I must put down earnest money to purchase property. Where does the entry for earnest money go in the chart of accounts?

It would go in the assets section of the chart of accounts under deposits or create an account called earnest money deposit. This money should be kept seperate from all the other funds, like trust monies.

Randi1234 · May 16, 2007, 10:12 PM

On my chart accounts how would I post A car payment



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!