On Sat, 11 Dec 2021 at 02:55, Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
> You can certainly create 'Other Liabilities' or 'Provisional
> Liabilities' under the main 'Liabilities' account, as you see fit.
>
> I'd create that as a placeholder-parent, and then create a separate
>
Dave,
Provisions usually fulfil the same purpose as reserves, i.e. it is capital in
equity reserved by by the board of directors to meet some specific purpose, in
this case expected future liabilities of the company, usually something like a
law suit in progress which may result in a future
You'd need to ask the accountant at *least* two questions. (more will
arise, I'm sure)
1) where in the CoA does/should this 'provisions' account reside?
2) how do you determine its balance? (what other accounts affect it?)
Note, it is certainly possible in accounting (and in GnuCash) to track
You can certainly create 'Other Liabilities' or 'Provisional
Liabilities' under the main 'Liabilities' account, as you see fit.
I'd create that as a placeholder-parent, and then create a separate
account for the specific liability 'owner'. (or whatever
description/name makes sense)
This
With all the usual disclaimers (not an accountant, not their jurisdiction,
ask your accountant), can anyone suggest where it would be sensible to
record "Provision for liabilities" in GnuCash? It is defined on the balance
sheet as
*Provisions *
*Provisions (ie liabilities of uncertain timing or
