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General Accounting Discussions: Advance=Income...????

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    • CommentAuthorNazgul
    • CommentTimeJan 24th 2008 edited
     
    Hello,

    Our company got contract signed for 2,235,450 USD and got first advance 447 090 USD and should return this amount back to donor in 12 months. What is this 447 090 USD, advance, income or... how can I show this in my records?

    Another problem is with opening balance of accounts. How can I enter opening balance to income and expense accounts in QuickBooks Pro?

    Thanks,

    Nazgul

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