Free Accounting Software + Tax Returns, BAS, Bookkeeping and Payroll from Free Accounting Pty Ltd

Free Accounting Software Forum - Bank Account transactions questions

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05/10/2012
Hello, and sorry in advance about asking questions that may have already been asked.

I have been working with the software for a while and it is great! I have been working exclusively with cash, but now gearing up to use the business bank account as well for payments and expenses.

My questions are as follow:
1) where do I enter my opening bank statement balance.
2) how should I write down direct debit? is it still consider under "cash"?
3) same question if someone deposit payment directly to my account. do I still do the receipt under "cash"?
4) How do I write down debit card transactions?

Thank you in advance, and keep up with the good work!
24/10/2012
Hi Ron,

1) To enter the opening bank statement balance use a Cash Received entry on the day prior to the start of the year. Refer to this discussion on opening balances: www.freeaccountingsoftware.com.au/forums/view/11

2) Direct debit payments or any other method are just simply Cash Payment entries.

3) Same answer as 2 except in this case it's a Cash Received entry.

4) Debit card transactions would be recorded the same way. If the debit card is linked to your main bank account it is simply a Cash Payment.

If the debit card is on a separate bank account then you will need to set up another account (just a normal account) and enter the payments by journal.

Regards,

Glen
 

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