Transfers between bank accounts?
Victoria_Stuart
1 at VictoriasJourney.com
Sat Aug 8 23:30:11 EDT 2009
Hi Maf - Thank you for your kind reply - much appreciated!
I set up the two bank fees as a split transaction - apparently there is a
bug (?!) in this function, that took me some time to figure out (basically,
on the first split line I enter the full amount, then on the following lines
I enter the individual split items?)! I also get a "Imbalance-CAD"
transaction, that doesn't appear to affect enything though (i.e. the
balances)??
Imbalance-CAD CAD 47.94 $0.00
My final Chequing Account balance is correct ($58.56).
Regarding my transfers: The $25 into my business account were from my
personal account (to cover the monthly fees, etc.). Then I had a big
deposit (reimbursed invoice - my first!), then a big transfer from my
business account to my personal account (I am personally "cash-poor" - at
least until I get another reimbursement - already submitted). :-)
This is my current Account Summary:
Account Summary 12/31/2009
Code Account title Balance
Equipment $0.00
Depreciation Software $0.00
1774 Electronic $0.00
1774 Software $0.00
1775 Depreciation Electronic $0.00
1787 Furniture $0.00
1788 Depreciation Furniture $0.00
Current Liabilities $0.00
Loan From Victoria CAD 50.00 $0.00
2621 Accounts Payable $0.00
3263 Dividend Payable $0.00
GST $0.00
2680 GST Collected $0.00
2680 GST Paid $0.00
Payroll $0.00
2624 Salaries & Wages $0.00
2628 CPP Company $0.00
2628 CPP Witholding $0.00
2628 EI Company $0.00
2628 EI Witholding $0.00
2628 Fed Witholding $0.00
2628 Prov Witholding $0.00
Taxes $0.00
3240 Deferred $0.00
8760 Fed Company $0.00
8760 Prov Company $0.00
9283 CPP Company $0.00
9283 EI Company $0.00
Other Revenue $0.00
Transfer from Victoria $0.00
8100 Interest Income CAD $0.00
8231 Currency Adjustments $0.00
8241 Consulting Income CAD $0.00
8241 Consulting Income USD $0.00
8241 Reimbursed Expenses USD $0.00
8249 Reimbursed Expenses CAD CAD 1,357.53 $0.00
Direct Expenses $0.00
1770 Small Tools $0.00
8863 Consulting Fees $0.00
9270 Outside Services $0.00
9282 R&D Expenses $0.00
Other Expenses $0.00
Telephone $0.00
Transfer from Persagen to Victoria CAD 1,325.00 $0.00
Utilities $0.00
8522 Donations $0.00
8590 Bad Debt $0.00
8670 Depreciation Expense $0.00
8690 Insurance $0.00
8710 Bank Fee - Service Plan 1 Fee -CAD 23.90 $0.00
8710 Bank Fees - Overdraft Interest -CAD 0.07 $0.00
8810 Office Expenses $0.00
8811 Office Stationery $0.00
8862 Accounting Fees $0.00
8960 Repairs $0.00
Transport $0.00
Public Transit $0.00
9200 Travel $0.00
9281 Fuel $0.00
9281 Insurance $0.00
9281 Service $0.00
Equity $0.00
3543 Retained Earnings $0.00
3660 Opening Bal. Equity CAD 0.00 $0.00
Current Assets $0.00
Prepaid Expenses $0.00
1000 Chequing Account (TD Service Plan 1) CAD 58.56 $0.00
1000 Undeposited Funds $0.00
1001 Cash $0.00
1060 Accounts Receivable $0.00
Imbalance-CAD CAD 47.94 $0.00
Orphan-CAD $0.00
2781 Long Term Liabilities $0.00
2781 Draw Giebler $0.00
I hope that all of this looks "OK!" As I mentioned, I am both an accounting
and a GnuCash novice. I next plan to tackle my Personal Ledger, that will
be considerably more involved. I'm really excited about this accounting
process - I really see the power - for both my Personal and Professional
Ledgers - for tracking expenses, etc. It's pretty cool! :-)
Again, I'm not entirely sure about the transfers (from my personal account
to my business account, and vice versa) - how to enter and describe, but
I'll get it figured out ...
Thanks again! Victoria :-)
========================================
Maf. King wrote:
>
>
> On Friday 07 August 2009 05:38:13 Victoria_Stuart wrote:
>
> One thing I would do with the bank charges is split the Service Fee and
> Interest charges into two different expense accounts - maybe something
> like
>
> Expenses:Bank:Plan Fees
>
> and
>
> Expenses:Bank:Interest Charged
>
>> I'm particularly uncertain how to go about entering transactions between
>> my
>> personal and my business bank accounts - I simply set this up as a
>> transfer
>> to an "Other Expenses" expense account that I made for this purpose,
>> "Transfer from Persagen to Victoria."
>
> That depends how you are treating the transfers, and indeed what purpose
> they serve. It may help if you think of yourself and the company as two
> legally distinct entities, at least, in accounting terms.
>
> Taking the transactions shown in the screen shot (2 off $25 deposits into
> the business):
>
> Are they loans you are making to the company, repayments to the company of
> a loan already taken by you, or sales income? (there may be other things
> that they could be, but hopefully, this will illustrate my point).
>
> Case 1. You Loan the company $25.
> that is a liability for the company. It is still your money, the company
> is just "looking after" it for a while. Therefore, it should be recorded
> as a transfer to (something like) Liabilities:LoanFromVictoria.
>
> Case 2. You are repaying to the company - as above, execpet that the loan
> you owe should be an asset of the company. A transaction will affect
> something like Assets:LoanToVictoria.
>
> Case 3. Pretty much as you have it here - lets say that you sold
> something to yourself, then you would bill yourself much as you would any
> other customer, and record the income as something like Income:sales.
> (Yes, there may be an effect on inventory/COGS, but GC doesn't _do_
> inventory, so let's simplify a bit to get going!)
>
> Any help, or just more confusing?
>
>>
>> Also, I don't know why there are the two extra lines at the end (the last
>> transaction appears to be split, for some reason, twice)?!
>
> Looks to me like you've accidentally put in a couple of blank lines in a
> transaction. What do you see in the register if you select one of those
> splits (and click the split button on the tool bar, if auto-split is off)?
>
> HTH, Maf.
>
>
--
View this message in context: http://www.nabble.com/Transfers-between-bank-accounts--tp24858675p24884008.html
Sent from the GnuCash - User mailing list archive at Nabble.com.
More information about the gnucash-user
mailing list