On 8/2/2018 10:15 PM, Adrien Monteleone wrote:
GnuCash lets you create any account you want and put it (pretty much) wherever
you want.
Contra-Accounts are sometimes desired to be where they are as true
contra-balanced accounts. Others prefer or need them on the opposite side of
the equation. I think the user should decide, and not be prompted by the
software or overridden by the software.
If you would prefer a contra-asset to be a liability, then simply create a
liability account instead and place it there.
Since the (initial) question was about an account of type asset, I will
give an example where asset accounts would NORMALLY be "contra". Forget
"current assets" for a moment and consider "fixed assets". A fixed asset
would normally have two children under it, "basis" and "accumulated
depreciation" << yes, the "basis" COULD have additional transactions ---
thus some "repairs" to a farm tractor considered routine and thus
current expenses but rarely other major things like an engine rebuild
might be considered extending the life of the asset and thus capitalized
over time >> The accumulated depreciation account would be a contra
account.
Michael D Novack
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