Recording Long Term Liability

by Lee
(Pennsylvania)

I am new to the bookkeeping processes and working through the challenges of QuickBooks® as well.


My task is to invoice and receive Maintenance Revenues which include appropriation dollars that are to be set aside for long term reserves (repairs on buildings etc). These reserve dollars are are long term liabilities.

The total receipt of revenues are entered in the General Operating Account then the amount due for reserves is transferred to the Reserve bank account. That's the easy part.

But, how does one record the monthly receipt of the amount due to "reserves" in the Long Term Liability Chart of Accounts line item in order establish a balance?

Any help will be greatly appreciated.

Lee

Comments for Recording Long Term Liability

Click here to add your own comments

Fund Accounting
by: Lake

Hey Lee,

I found a site that talks about non-profits and fund accounting. It may be able to help you out.

Check out freechurchaccounting.com. There is a page on fund accounting there.

If you contact Vickey with your question, I am fairly certain she will respond. Just let her know I referred you.

P.S. I have added on my "to do" list to write a page on fund accounting. Thanks Lee.

Click here to add your own comments

Return to Unanswered Bookkeeping Questions.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Like this page? Please let Google
know by clicking the +1 button.






 Keep Your  eDocuments Safe And Secure… $7 USD
Version 2 now out
Bigger and Better



SHORTEN
Your Learning Curve!

Buy Now



Warm up your tea cup and check out these chats ...

Click on image above to read the chat.






Purchasing These Products Through My Links Helps To Support This Site

Click on image above for my review.






Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is not associated with the business operating in Bonnyville AB.






A Handy Reference

Buy Now