Skip to main content
F
Fielder893
January 1, 2024
Question

How would you recognize the purchase of a GIC as an Asset? What Equity Account would you credit?

  • January 1, 2024
  • 1 reply
  • 0 views

I've purchased a GIC as a asset to secure a letter of credit for a series of projects. I could record it as a new asset, but I see no place to reflect cash equivalents and since it is liquid but not as liquid as cash. How should it appear in my chart of accounts?

1 reply

A
Amanda-B
January 2, 2024

Welcome to the QuickBooks Community, Fielder893!

 

Thanks for reaching out to us here. I'd be happy to point you in the right direction for the best assistance on how to record the purchase of a GIC as an Asset.

 

To ensure the accuracy of your books, I recommend that you contact an accounting professional for expert advice. They'll be able to point you in the right direction so that your accounts can end up with the correct balance. Having an accountant can be beneficial for you and your business. You can find an accountant who has experience with QuickBooks near you by clicking on this link.

 

If you have any other questions, you can reach back out to me here.

Terms & ConditionsAccessibility statement