Transfers between different bank accounts - How to record?

[FireFly]

Victoria,

> Hi - I have several personal bank accounts, and also some
> investment
> accounts.  When I transfer funds from one to another,
> how are these recorded
> - as an Income entry and a matching Liability entry (with
> these set up for
> each account)? Or, is there some other way to record these
> transactions,
> that don't affect my overall equity (just where the assets
> are)?


For movement between personal accounts only, the way I've always done it (and someone tell me I'm wrong) is simply a transaction that has withdrawal from one asset, and deposit into another asset (where both the bank accounts are assets).

As you said, you aren't changing any equity, so I don't see why any liability accounts would play into this at all.

I'll leave the business question for folks that have businesses.

- James Duerr

E-mail: FireFlys_98 at yahoo.com
---------------------
Discover a lost art - play Marbles. May 2004
www.marillion.com