Accounting Help for discounted books?
If we discount out a receivable book over time and are writing portions of that book out, does this still impact the asset account?
If we discount out a receivable book over time and are writing portions of that book out, does this still impact the asset account?
The Taxpayer
Favorite Answer
depends upon how the receivable is recorded to start with. Is it recorded at the discount rate?
Kyle
It was recorded at that discounted rate, we debit the contra asset account over time.