On Nov 05, 1996 07:54am, BRUCE WILSON wrote to CAROLE CAPUANO:
 BW> 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.
 BW> Your view is too narrow.  Debit balance = asset.  Credit balance =
 BW> liability.  I set aside funds withheld from our employees' pay in
 BW> liability accounts.  If one of them goes debit balance, it means
 BW> we've paid out more than we've withheld and someone owes us money.
 BW> (I.e., the liability's become an asset.)
In this case it is never an asset, you don't own fiduciary funds.
 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.
 BW> Correct.
Well we agree on something...
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