Bank account vs assets issue
alspach at math.okstate.edu
Tue Mar 14 08:43:10 EST 2006
I think there are several possibilities. A lot depends on how intertwined
your company and the company's arrangements are. If the companies are not
close to gether so that you are essentially running an accounting service
for the other company, I would keep a separate account tree for the other
company. Then I would set up a few accounts to deal with the exchanges
between the companies. You would need a receivables account (asset) so that
each time you pay for something on behalf of the other company it is not an
expense in your tree but goes to receivables. If you receive funds on
behalf the other company that should go into a liability account. At the
end of the month you would invoice for the difference.
If the companies are intertwined then you may want to adopt something
closer to the three or four people sharing a house scenario which has been
discussed on this list several times.
You may want to consult an accountant as to the proper way to do this for
your countries laws, tax rules, etc.
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