A question re "Make Deposit", Help!!!


I

icie7

'm using Microsoft Office Accounting Express 2008. In Banking - Make Deposit,
I entered the following info:
Date: 12/6/2009
Deposit in: Checking
Memo: Personal loan to the company from the owner
Type: Financial Account
Account: Checking
Amount: $50,000

But after I saved and closed the entry, I couldn't find this transaction
anywhere. I sensed that I should have balanced this amount in another
account. But now I couldn't even find the $50,000. Do you know where I could
find it? And in this situation, what should be the right way to record the
transaction?

Thanks very much!
 
R

Rick Sparks

The second half of your question is an accounting question.... not a software
question.
 
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R

Rick Sparks

That said, your Debit which increases your Checking Account Asset is balanced
by a Credit to increase your Owner's Equity Equity.
If this isn't clear, the software isn't going to help.
 
I

icie7

Thanks Rick! I understand what you're saying. But now how can I delete or
void this Deposit entry? I can't even find it anywhere... Could you kindly
enlighten me? Thanks a million!
 
R

Rick Sparks

Look in your Journal Entries and in your Checking Register.... if it's not in
either one, it probably didn't make it as you didn't have a balancing account
to charge it to.
 
I

icie7

I checked in both places, didn't find any thing. And I tried the deposit
again with another amount just to test, it disappeared as well... These
things can just disappear and never be found again? Is it the same with all
accounting softwares? Thanks Rick!
 
K

Ken Smith

Here is the problem:

When you make a deposit the 'Deposit In" a debit is applied to selected bank
account
The Financial Account you selected is the credit side of the entry. What
you did was enter a transaction to the same account (in effect posting zero)

"Deposit In" = Checking 50,000
'Financial Acct" = Checking -50,000

If you are recording paid-in capital to your business, you should use an
equity account
If You are lending you business funds (Funds tyhat will be paid back based
on a specific payment plan), the financial account should be a long term
liability.

Rick Sparks is correct by stating that your questions is not a software
question, but an accounting question. The best advice I can give you is to
invest in a good Accounting book.

Good Luck
ken
 
I

icie7

Thanks a lot for your help, Rick!

Rick Sparks said:
Look in your Journal Entries and in your Checking Register.... if it's not in
either one, it probably didn't make it as you didn't have a balancing account
to charge it to.
 
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I

icie7

Thanks a million, Ken! This really helped!


Ken Smith said:
Here is the problem:

When you make a deposit the 'Deposit In" a debit is applied to selected bank
account
The Financial Account you selected is the credit side of the entry. What
you did was enter a transaction to the same account (in effect posting zero)

"Deposit In" = Checking 50,000
'Financial Acct" = Checking -50,000

If you are recording paid-in capital to your business, you should use an
equity account
If You are lending you business funds (Funds tyhat will be paid back based
on a specific payment plan), the financial account should be a long term
liability.

Rick Sparks is correct by stating that your questions is not a software
question, but an accounting question. The best advice I can give you is to
invest in a good Accounting book.

Good Luck
ken
 

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