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Transfers

Started by habitsoft · 8 months ago

“Transfers” as an accounting term refers to the transfer of funds from one account to another.  In the modern world we live in today, it is hard to imagine life without money transfers between different bank accounts.  The most obvious example is paying your credi ... Continue reading »

4 comments

  • Money Transfers

    8 months ago

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

    8 months 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 :)
    reply
  • parksobong

    3 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.
    reply
  • dobes_vandermeer

    3 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...
    reply

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