On 4 Nov 96 09:23am, CAROLE CAPUANO wrote to BRUCE WILSON:
 CC> We were talking about using a bank account to record credit card 
 CC> purchases, bank account: asset, credit card: liability.
Your view is too narrow.  Debit balance = asset.  Credit balance =
liability.  I set aside funds withheld from our employees' pay in
liability accounts.  If one of them goes debit balance, it means
we've paid out more than we've withheld and someone owes us money.
(I.e., the liability's become an asset.)
 CC> I agree with all these statements, but my original question was 
 CC> why use a asset account to setup a liability, nothing more, 
 CC> nothing less. You answer is basically the DOS version doesn't 
 CC> allow reconciliation of a liability/card card account.
Correct.
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