just after a bit of advice on how to deal with takings for a business that have been taken on another businesses card terminal.
There are two businesses that operate from the same unit. In error one of the businesses transactions have been put through on the other businesses card terminal so the money appears on the bank statement as income but she has transferred it out once the error was realised and it shows on the other businesses bank statements as being transferred over.
What would be the best way to deal with the amount that I have left to reconcile in the bank account that the money was received into in error
Personally I would treat it as an interest free inter company short term loan.
The sales and stock movements still need to be recorded where they should have been but I assume that has happened anyway. The issue is that the money was temporarily missing from the correct business but everything has now been resolved and showing the movement as a short term inter business loan should dot the i's and cross the t's.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
