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How do you set up a Gain Account?
Posted: Wed Apr 11, 2007 8:44 pm
by sglass
When trying to set up a gain account what category do I put the gain under? It only gives me six choices: Asset, Liability, Fund Balance, Income, Expense, and Transfer. I know it is not a liability, expense or a transfer. But I am not sure where to set a gain on a sale of land that the church sold.
Thans alot.
Sheila
Re: How do you set up a Gain Account?
Posted: Thu Apr 12, 2007 1:13 pm
by NeilZ
sglass wrote:When trying to set up a gain account what category do I put the gain under? It only gives me six choices: Asset, Liability, Fund Balance, Income, Expense, and Transfer. I know it is not a liability, expense or a transfer. But I am not sure where to set a gain on a sale of land that the church sold.
Thans alot.
Sheila
I'm not an accountant, but that sounds like income to me!