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Junior Member
Group: Forum Members
Last Login: 11/10/2011 10:18:19 PM
Posts: 8,
Visits: 47
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In the bank rec window, shouldn't credits reflect money in, and debits reflect money out ?
Thanks
Bruce
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MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
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No - that is the Banks View of life.
We are all used to depositing money in the bank using a Credit slip. But when we Deposit money in our accounts it is actually a Debit.
For the Banks purposes they are actually increasing a liability in their own books every time they accept a deposit - so for them it is a Credit entry.
For our Fund, our books show a Debit entry for Deposits and a Credit for payments.
You can download an Accounting guide document from the forum under Tips & Tricks if you want to read more.
Regards
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Junior Member
Group: Forum Members
Last Login: 11/10/2011 10:18:19 PM
Posts: 8,
Visits: 47
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I'm used to the MYOB bank rec where it shows it as deposits and withdrawals...
It more closely mimics the bank statement, which is fair enough I think as it is a bank rec afterall.
On the otherhand, I understand what you are saying in that it is not consistent with the rest of the system.[/url]
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