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Accounting & Bookkeeping & Small Business Forum
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| Posted: Fri Jul 01, 2005 4:03 pm Post subject: Recording a check to another bank account |
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| When my employer receives a check from a client, we immediately write a check to his money market account for 10% of the check. He does this for business savings as he only does this business for 6 months of the year and also for sales tax purposes. What is the proper method to record this? In Quickbooks, I have been recieving the full payment from the customer and then in the register, in the account section I list the money market account. That way it automatically deposits it in the money market account register. Quickbooks prompts me for an account that will track the payment but I don't know which account to use. |
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Guest
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| Posted: Tue Jul 05, 2005 8:01 am Post subject: RE: Recording a check to another bank account |
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| If you write a check for the 10% transfer, then the entry would be just like any other check from one bank account to the other. If it is an electronic transfer, then you will decrease the bank and increase the money market bank account. This entry could be done in the register or as a tansfer in QuickBooks. |
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