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C
Cat2
June 28, 2018
Question

Transfer between accounts then amount needs to be split when it arrives but is appearing in balance sheet as a deposit and a transfer

  • June 28, 2018
  • 1 reply
  • 0 views

Hello,

I am transferring money from Bank Account 1 to Bank Account 2 this comes up in the bank feeds ok

When it arrives in Bank Account 2 I need to split it into VATable and non VATable income this is only possible to do this by changing the transaction from a transfer to a deposit.

This appears to work fine but when I check in my balance sheet it is being recorded as a transfer and a deposit so it is double counting it in Bank Account 2.

Please can you advise how I get around this issue

Many Thanks

Cat

    1 reply

    A
    Anonymous
    June 28, 2018

    Hi Cat2,

     

    Welcome to Community.

     

    Could you advise if the money hitting account 1 is income of some sort from a customer or similar?

    C
    Cat2Author
    June 28, 2018

    Account 1 is a trust account so money held there until the job is completed .. once completed it can be realised as income and is then transferred to the main bank account 2

    A
    Anonymous
    June 28, 2018

    I'm having a look into this for you.

     

    So to confirm this would be a retainer or deposit you have taken from a customer and held in trust to be used against an invoice raised once the job is completed?

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