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Lottie76


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Nominal Code - Money Transfer
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Hi I want to create a new nominal code for 'money transfer' but don't know what category to choose for it eg Fixed Asset, Current Liabilities etc..

It is just money being transferred from one account to another.

Anyone any ideas?

Thanks



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VinceH


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You shouldn't need to create a new code for this. You should just be able to transfer it directly between the accounts in your records.

What software are you using, or is this being done on paper?

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
Lottie76


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Sorry should have been clearer. Am using Sage Line 50 and my German partners want me to do it as a bank payment and then a bank receipt in the other account, rather than just doing a straight bank transfer. So I need to assign a nominal code to it. Any ideas?

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Wella


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Seems a bit strange to me but I would probably set up a new bank account in 12xx if pushed. That way it will a current asset/ liability depending on the balance.

If there are lots of transfers, I suppose it may make it easier to manage/ control

Bill



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VinceH


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Given that it really is just a straight transfer, I'd just use mispostings rather than set up another code - after all, it won't leave a balance.

However, if it was me, I would be inclined to press them for a reason before doing that and, perhaps, try to persuade them that doing it their way serves no obvious purpose.

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
Don Tax


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lol Vince - thats bookkeepers not bee-keepers - welcome on board anyway :o)
Tim

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VinceH


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I'm easily confused.

My bees are, as well, since landing here - because I've turned their hives into a very large counting machine. Each hive is a nominal code... so every time I do a journal, some of the bees have to move home. ;)

I'm thinking of getting some wasps, as well, so I can work in Euros, at an exchange rate of approximately 1.15 wasps to the bee.



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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)
Don Tax


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Can you hive-off or journal some of my wasps?

I've not liked them since i was ten and ran straight into their home whilst fleeing from the owner of a nearby apple tree :o)

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