DISQUS

Money Transfers · 1 year ago

Thank you for this info. It's good to gain as much knowledge as possible when it comes to financial issues.

maychu · 1 year ago

If there is any thing else you would like to know about bookkeeping / accounting related things, send us an inquiry and we might just write up something for you :)

parksobong · 7 months ago

Hi, what would you do in the case of paying off a personal credit card (cash) with a personal bank account (cash)? I would assume do a transfer between the two, bu then the personal bank account (cash) goes negative. Is this the correct way to account for this?

Thank you for your help.

dobes_vandermeer · 7 months ago

Hi there,
It sounds like your personal bank account is not being tracked accurately with
its counterpart in the accounting software. If it were, then the personal
bank account would have a positive balance you would be using to pay the
credit card off. If the personal credit card is also not fully tracked by
the accounting system you might as well not record anything - the business
wasn't involved so it doesn't need to show up on the business' books.
Otherwise, you'd want to pay off the negative balance by paying yourself;
see the article on getting owners' money in and out of the business for more
about this:

https://www.clarityaccounting.com/help/index.ph...