Transfers between different bank accounts - How to record?

[Doug Laidlaw]

With the assets, a transfer of funds from one asset to another will change the 
balances of each, but not your total assets, or even your total current assets 
(assuming that your relevant accounts are all current assets.)

If for example you transfer extra funds from your general checking account to 
your investment cash account, you would set the "other" account to be the 
investment cash account.  Only those two will change.

For the income, I can only agree with what others have said.

Doug.

On Mon, 10 Aug 2009 02:07:17 pm Victoria_Stuart wrote:
> August 09, 2009
>
> 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)?
>
> Second, same question, but for transfers between my personal bank accounts
> and my professional bank account (in separate Personal and Professional
> Ledgers, respectively)?  In this case, my equity *is* being shifted around
> (personal <> professional accounts).
>
> Thank you in advance for any comments / clarifications - much appreciated!
>
> Sincerely, Victoria  :-)