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January 10, 2022
Question

Reflecting Government Grant in Chart of Account

  • January 10, 2022
  • 0 replies
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I run a training company. The bulk of the revenue comes from training. Here's an illustration

Course fee: $100

Government grant: -$80

Customer paid: $20

 

My chart of account should have Revenue Account showing: $100

Balance Sheet Account: Government grant funding: $80

Cash received: $20

How do I set-up Balance Sheet Account for the Government grant funding?