The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Transferring funds
Post Info TOPIC: Transferring funds
Margaret77


Newbie

Status: Offline
Posts: 2
Date:
Transferring funds
Permalink Closed

Hi All,

I am wondering if anyone can help me. I need to credit a nominal a/c - Deposits for Machinery- and debit a customers account.

Last year an amount of 10000 was credited to the nominal account - Deposits for Machinery. Now I need to move this to the Customers own account as I have this outstanding balance of 10000. 

Thanks in advance for you help

Margaret



-- Edited by Margaret77 on Tuesday 5th of January 2016 03:59:15 PM

__________________
Mairead Rice
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Hello Margaret
Welcome to the site.

I am not sure if I am reading this right - its been a Looooong day already!

You say you need to credit the nominal, but then that you have already credited it last year.

Can you please explain what is actually happening and what software you are using (I assume its Sage due to the mention of nominals?)

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Margaret77


Newbie

Status: Offline
Posts: 2
Date:
Permalink Closed

Hi Joanne,

Basically a deposit was posted last year. I now need to take this out and post it to the customers account as its showing he owes a balance. Im new to this!

Thanks for your help.


__________________
Mairead Rice
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Hi Margaret
So he has paid his account in full? In which case - post a credit note to his account, but use the nominal for your deposits for machinery account. This will clear the deposit from the liability account and will reduce the customer account either to zero. (Link the balance and the credit note).

Take a backup first and then if it goes awry you can restore and start again.




__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Transferring funds
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About