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capeshorehealth
February 4, 2022
Question

Difficulty accounting for deposited then transferred funds

  • February 4, 2022
  • 1 reply
  • 0 views

I was working for myself but joined another company in the middle of last year. I work in the service industry so insurance companies deposit money into my account. I had forgotten to switch the banking information with the insurance companies so they continued to deposit funds into my old account. I would then transfer the money into the account for the new company I work for. 

 

So now I am trying to reconcile my account for my old company but am having trouble getting these funds in the appropriate category. I don't want it to look like income for my old business because technically the new business is the one paying the HST. I am trying to figure how to categorize the deposits then transfers so that it doesn't look like income. Any suggestions?

1 reply

T
Trish_T
February 4, 2022

Hi capeshorehealth,

 

Welcome to Community!  It's essential that you're able to manage and categorize your transactions with confidence.  I'll be happy to provide you with the information you need so your on the right track.

 

In situations like this it's best to reach out to your accountant for the best course of action, to ensure it doesn't impact other areas of your books.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

Please feel free to reach back out with any other questions.  We'd be glad to help!

 

 

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