How to record (accepting and later returning) other peoples' money in
- I assume it would not be recorded as income / expense, respectively.
- Liabilities also seems unlikely.
- Equities? Maybe...
- Assets seems the most likely candidate.
But I'm just guessing wildly... Could not find anything relevant on Google, neither :(
Also, what's the correct terminology for:
- the account: custody / (lawyer/notary) trust / escrow / fiduciary / suspense
- the money: other peoples' money (OPM) / third-party funds
- the booking entry/entires: pass-through / temporary / transitory item