Account Question
Paid for June office supplies purchased on account. Which accounts are affected?
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Clearing Accounts
by Karen
(Montana)
the bar/restaurant business has "clearing" accounts
eg. atm clearing How are these used and reconciled?
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Free Reserve Account
What is meant by Free Reserve in a club account?
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IF STOCK IS 4 LAKH SHOW IN YOUR ACCOUNT BOOK
by LUCKY SHARMA
(AMBALA CANTT)
IF STOCK IS 4 LAKH DUE IN LEDGER AND WE WANT TO SURRENDER FIRM IN SALE TAX DEPARTMENT WHAT WE HAVE TO DO? PLEASE TELL ME.
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Juggling Two Bank Accounts
We have two businesses. So one bank account I'll call Account "A" and the other Account "B." Account A has a transaction (debit transaction) in it that should have been made in Account B. Actually there are several transactions, not just one. Is there a way to properly get that info into the Account B where it should have originated?
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RATIO AND INTERPRETATION OF FINAL ACCOUNT
WHAT IS CURRENT RATIO?
FORMULA OF FINDING CURRENT RATIO.
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Review 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 personall Visa. I have created a Due to Shareholders account in Quickbooks. I have entered these entries by crediting Shareholders and debiting the account of what was purchased eg. Office supplies. My question is he periodically takes cash out of the business account $100.00 her $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 account 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 or should i be applying it to whatever he buys which would be a pain in the but to figure out and he does not take out exact amount of what he actually spend. Hope this makes sense.
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Withdrawal Account
by Annie
(Hong Kong)
In a Partnership company, what does 'Withdrawal account' come under: Assets/current assets/liablities/current liablities or any other?
Thanking you.
Hi Annie,
Thank you for your contribution. I believe you a referring to a type of drawing account. If so, the partnership withdrawal account would come under an Equity classification.
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