{"id":4305,"date":"2013-07-19T09:59:01","date_gmt":"2013-07-19T07:59:01","guid":{"rendered":"http:\/\/www.officetodo.com\/public\/?p=4305"},"modified":"2013-07-14T10:00:03","modified_gmt":"2013-07-14T08:00:03","slug":"how-long-should-i-keep-a-provision-in-my-accounts","status":"publish","type":"post","link":"http:\/\/www.officetodo.com\/public\/how-long-should-i-keep-a-provision-in-my-accounts\/","title":{"rendered":"How long should I keep a provision in my accounts?"},"content":{"rendered":"<p>You\u2019ve accounted for various provisions; they are all enlisted in your provisions accounts, but are you sure they all should be there? Are they are relevant? Is the situation that arose them still there?<\/p>\n<p>It\u2019s one thing with provisions to have them as needed, but you don\u2019t want them or they\u2019re not needed, it\u2019s just hurting your business.\u00a0<!--more--><\/p>\n<p>You only ought to have provisions when the situation that arose them in the first place is still there. First and foremost, if the situation is gone, I am pretty sure the provision should be gone just as well. Accounting for this acts the same way as with every other expense it would be \u2013 just debit the liability account and credit the expense account. This way you\u2019d remove the expense and the liability from you accounts.<\/p>\n<p>Another thing, if you do decide the provision is needed, make sure that every now and then, (as a minimum at least once a year) you do revisit the value the liability should be accounted in. The thing with liabilities is that they are prone to change according to situations and as they may change, the sum of liability may change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve accounted for various provisions; they are all enlisted in your provisions accounts, but are you sure they all should be there? Are they are relevant? Is the situation that arose them still there? It\u2019s one thing with provisions to have them as needed, but you don\u2019t want them or they\u2019re not needed, it\u2019s just [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,81],"tags":[],"class_list":["post-4305","post","type-post","status-publish","format-standard","hentry","category-1-basic-accounting","category-1-19-provisions"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=4305"}],"version-history":[{"count":2,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4305\/revisions"}],"predecessor-version":[{"id":4309,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4305\/revisions\/4309"}],"wp:attachment":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=4305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=4305"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=4305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}