diff --git a/npo-ledger-cli-tutorial.md b/npo-ledger-cli-tutorial.md index 71f0926b538bae322f0f6aa46d0df9352f17cdcc..b799f475e132f355941eb9a47972a3ac255bfd42 100644 --- a/npo-ledger-cli-tutorial.md +++ b/npo-ledger-cli-tutorial.md @@ -51,7 +51,7 @@ ensure that only accounts you declared explicitly will used. Asset accounts represent anything that's owned. Typically, these are primarily your cash accounts, or anything that's completely liquid. -Many accounting tutorial materials will note that Loans, accounts receivable +Many accounting tutorial materials will note that loans, accounts receivable and other receivables are assets as well. Most accountants will say that they are, but with regard to accounts called "Assets", this system uses the account hierarchy `Assets:` only for tangible, liquid, @@ -338,7 +338,7 @@ The possible values for this field are: `Entity` is an incorporated entity the USA (i.e., "Inc."), and therefore no 1099 is required. -* `USA-501c3`, , indicating that the NPO has established that the `Entity` +* `USA-501c3`, indicating that the NPO has established that the `Entity` has federal 501(c)(3) status in the USA, and therefore no 1099 is required. * `Refund`, indicating that the amount is a refund owed to the `Entity` from @@ -354,7 +354,7 @@ The possible values for this field are: * `USA-LLC-No-1099`, indicating that the `Entity` is an LLC, but not the type of LLC for which the USA requires issuing a 1099. -* `Loan`, indicating that the `Entity` is receiving these funds as a Loan +* `Loan`, indicating that the `Entity` is receiving these funds as a loan that is expected to be paid back. #### Program Tag @@ -367,7 +367,7 @@ some specific conference). The Program tag is always a string with the same format as a Ledger CLI account (primarily for use with Ledger CLI's `--pivot` and `--group-by`, -[as described later](#testing-program-success). +[as described later](#testing-program-success)). ### Account Type Documentation Requirements @@ -430,7 +430,7 @@ Each `Income:` account must have the following tags: * One of: [`Invoice:`](#invoice-tag), [`PurchaseOrder:`](#purchase-order-tag), [`Statement:`](#statement-tag) or - [`Contract`](#contract-tag). (Exceptions to this requirement are as follows: + [`Contract`](#contract-tag). Exceptions to this requirement are as follows: + the income generated from the transaction is less than $800, or + the `IncomeType` is `RBI` and the income is for a defined, public program (such as conference registration)