Hi all, I received a bank transfer from an outside account. How do I record this in sage? It was from a investment. A transfer won't work as its not my account the deposit came from. Thanks
Lori1997:
If I understand you an investment has matured and they are sending this money back to where it came from. Make a journal entry crediting the investment account for the principal amount, crediting any interest earned and debiting the bank account it went to.
Hope this helps!
Thanks for your help! My only problem is it's from an outside person who sent this transfer, and I don't have access to the investment account. So I am stuck on how to complete this general entry as its not my account the money came from! Any help would greatly be appreciated as this truly has be stuck. Thanks
Lori1977:
Debit bank and credit an other payable account so it reflects in your books even though it is not yours if I understand you. I would imagine you will have to return the money if it is not yours. At that point debit the other payable account and credit bank.
Thank you! Yes this will work! Should I use the General Journal or transfer option? After I do this transaction, will the bank show a negative amount ? If so how do I get it to show zero amount? I am new to sage, hopefully you can understand what I am asking.
After completing this journal entry, my bank is showing a negative amount, is there away I can reset this to zero? Thank you
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