USA Barter Account Closed - How to Zero Out Loss of Trade Dollars

[OregonDuckingIt]

Hello,

I'm currently using GnuCash to record my business transactions. I don't know how to record the following scenario.

I voluntarily closed my account with a barter exchange. By closing that account, I forfeited the $200 in trade dollars I had left because there was nothing on the barter network worth purchasing. Of course, the barter exchange isn't required to pay me in cash for those trade dollars so I now have a loss of $200 that I recorded as revenue earlier in the year for services rendered in the form of trade (barter) dollars.

How do I zero out what was once a current asset that had $200? I've seen plenty of posts for fixed assets, but not currency.

Any help would be greatly appreciated. Thank you

 

[smallbushelp]

Think about how you would post the sale of a fixed asset. If you experienced a loss, you would credit the asset account and debit an "other income/loss" account like "loss on barter exchange." Or you could debit the revenue account used earlier.

 

[OregonDuckingIt]

Thank you. I didn't realize I could create a "Barter Exchange Loss" account. I've learned a lot and keep doing so. Thank you.

 

[smallbushelp]

You're welcome. If I was helpful, I would appreciate a "Like."

 

[OregonDuckingIt]

Done.