Hello,
We received some stock which sold for higher than what it was when we got it. How do I go about processing the amount to pay off a pledge and also place the gain on the stocks into the right place financially (since we don't want to record the extra as a gift or a contribution made by a person)
Thanks!
We have a payment method for Gain/Loss that go to the appropriate Gain/loss GL. So for instance, if the pledge was for $10,000 and stock came in with an original value of $10,000, but when we sold it is was valued at $10,100, we would enter a payment method of Stock Proceeds (cash gl) for $10,100 and then a payment method of Gain/Loss for -$100. This nets to a payment of $10,000 and everything goes to the gls they are supposed to.
I see! thank you Brian!