Account Question

When paying for office supplies purchased in June on account, which accounts are affected?

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Clearing Accounts

by Karen
(Montana)

The bar/restaurant business has "clearing" accounts, for example, atm clearing. What are these used for and how are they reconciled?

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Free Reserve Account

What is meant by free reserve in a club account?

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Stock In Ledger Account

by Lucky Sharma
(Ambala Cantt)

If a stock is due in a ledger account and it is necessary to surrender the business firm in the sales tax department, what needs to be done?

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Juggling Two Bank Accounts

We have two businesses. One bank account I'll call Account A and the other Account B.

Account A has debit transactions that should have been made into Account B.

Is there a way to properly get that info into the Account B where it should have originated?

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Current Ratio Account

What is current ratio?

What is the formula for finding the current ratio?

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Reviewing a Clients Account

by Keisha
(Bronx, NY)

What do I look for when reviewing a clients account?

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Shareholders Account

by Tracy
(Vancouver, BC)

The owner has been purchasing supplies using cash and his personal Visa. I have created a Due to Shareholders account in Quickbooks. I have entered these entries by crediting Shareholders account and debiting the account of what was purchased, for example, office supplies.

My question is he periodically takes cash out of the business account, $100.00 here and $40.00 there. I know I have to now debit Shareholders account and credit another account.

My problem is I don't know what account to credit. I know it should be what he has purchased throughout the month but I can't tell what he is paying himself for because he just takes out money here and there.

Should I create another account in Quickbooks to debit when he takes out cash?

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Withdrawal Account

by Annie
(Hong Kong)

In a Partnership company, what does Withdrawal account come under: Assets, current assets, liabilities, current liablities or any other?

Thanking you.

Hi Annie,

Thank you for your contribution. I believe you are referring to a type of drawing account. If so, the partnership withdrawal account would come under an Equity classification.

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IT Accounts on sage

I am doing accounts for an IT Company on sage .

They have many server and website costs going through.

Should I be putting them in as a direct expense and changing my chart of accounts. Or keep it as an overhead

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