I hire out equipment that requires me to hold a bond, then refund it when the equipment returns. Sometimes I don’t receive that bond until after I have sent the customer a Sales Invoice. I have opened a Liability account called Bonds which I use on the Sales Invoice for the bond part of the sale, but a few days later when I do the transaction to receive the bond from the customer into the bank account, there seems to be a double negative entry in the Bonds account. Can you please advise where I’m going wrong? Thanks.
Recording the receipt for a sales invoice will not double the bond credit balance but will reduce the accounts receivable balance. See the guides - Guides | Manager