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

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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?

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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 separate from all the other funds, like trust monies.

On my chart accounts how would I post A car payment