I have opened a savings account at the same bank where we have our business checking account. I am going to start transfering the total amount of our tax withholdings from each payroll from the checking account to the savings account to streamline the process of paying the taxes when they come due. How should I handle this in PT? A general journal entry?
I am using Complete 2011.
The best method depends on how you want to see it in your reports. A general journal entry will work but it won't show up in your cash receipts journal or cash disbursements journal.
Your other options would be to record it as a payment, using the savings account for the GL account. Then it would show in your cash disbursements journal but not in cash receipts. Or you could record it as a receipt, using the checking account as the GL acct and it would show in the Cash Receipts Jrnl but not Cash disbursements. If you want it to show in both, you could post a payment and a receipt, using a clearing account in the GL acct field.
Any of the methods will work from a GL and back reconciliation point of view. Just be consistent and always use the same method so will be able to find transactions when you want to.
Thank you. That's exactly what I needed to know!
I'm new to PTQ/Sage 50, but not to accounting and other ERP like systems.
I sure like seeing the transfer on the Cash Recpts Jrnl and the Disbursements Report... Just like it is on the Bank Statement!
I find it hard to believe that Sage doesn't have a Bank Transfer functionality!
Anybody have any idea if this might be a future enhancement?
You could make that happen by creating a check to the other account, then receipt the check into the system in to the other account.
Steve was suggesting a General Journal Entry. As he stated a General Journal Entry in Peachtree would NOT hit these ledgers.
I prefer to document bank transfers, and have setup thie process as follows below.Take a look, and I welcome feedback
Bank Transfer Account
In this manner both transactions appear on the disbursement and receipt reports, and bank registers.
Not performed as Gen Jrnl Entries where there is less detail.
My two bits...
Thanks for the KUDOs!
Not so good an idea after all.
Banks are good, but now I have open payables in the Bank Transfer account!
Back to stand-alone JEs? Or is there something I'm missing? Steve...did I miss one of your steps?
Why Payables? It should go from one checking acount to another. It has nothing to do with payables.
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