Credit/Debit

A loan cash rm500 is paid to us by cheque.

Your entries would be:

DEBIT Bank Account (Asset)
CREDIT Loan Payable (Long Term Liability)

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Credit Balance

Does a brought down credit balance in a bank account mean that I have money or I owe money?

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Credits

by Valerie
(Pomona, CA)

In May two checks were issued as payment to a company and one of these checks was a duplicate payment. The company cashed both checks and issued a refund check for the duplicate payment. My records are made up of several accounts such as baby, accessories, toys, etc. How would I credit one these accounts back so that the budget of that account is correct and reflects what has truly been spent?

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Discounts and Credits

by Norma Satow
(Framingham, MA)

If I have a business and I purchase fuel oil and I get a $10.00 discount, what type of an account would I create to record this discount?

Thanks,
Norma Satow

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Home Buyer Tax Credit For Married Filing Separately

I qualify for the $6500 home buyer tax credit. We are married filing separately. Form 5405 says I can only collect $3250 if I file separately but my husband's name is not on the deed nor mortgage and I want to collect the entire $6500 on my return. How can I do this?

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Recording a Revolving Line of Credit

What is the best way to record a checking account and the revolving line of credit attached to it. The bank moves money every day to keep a certain amount in the checking account but I need to know the true balance of the checking account.

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Using Business Credit Card/Checking and in Single Entry System?

I enter my charges from my business credit card into TinyBooks (single entry bookkeeping method)--they go as seperate tax deductible expenses for my business into various categories.
Once a month i pay the credit card off in full from my business CHECKING accnt.
How do i enter this payment into the single entry system? as a "non tax deductible reconciliation"? as an "owner draw"? as "personal expense?
Any thoughts? what's the best way--since i pay once with a credit card and then pay again to zero out the credit card.

Also should i use my business checking to pay quarterly estimates and 1040 income tax--or is personal checking better?

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