The previous example showed the entire County holding amount being transferred to the County payable account. The entire holding amount was transferred because the obligation was paid in full. If a partial payment is received, only part of the holding amount will be transferred to the payable amount (proportional to the amount of receivables reduced by the payment). An example will help make the point.
|
Event |
GL Accounting |
County Payable Balance |
County Holding Balance |
|
Adjustment created |
A/R 110 Revenue - State <100> County Holding <10> |
0 |
(10) |
|
Partial payment received |
Cash 27.50 A/R <27.50> County Holding 2.50 County Payable <2.50> |
(2.50) |
(7.50) |
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