I am using AccountRight.
We have a Pty Ltd company but have recently changed direction completely, going from consulting and various other things, to starting a Real Estate company.
On advice, I set up a totally new data base for the Real Estate company with income and expense accounts that relate more closely with the real estate industry. Along with this we opened new bank accounts for the real estate along with the appropriate sales trust account holding client deposits etc. (just for info the trust account is run through separate software, not MYOB, as it is not possible to record transactions for trust accounts throught MYOB)
In the initial stages I transfered money from our Company general account into the Real Estate General account as start up funds. (the original company general bank account has now been closed and we only use the real estate bank account)
In finalising and reconciling the original company bank account and data base, I am not sure how to record the transactions.
ie. if I transfered $1,000 into the real estate bank account, do I use Spend Money - pay the amount from the company bank account - but what do I allocate this too. Is it an expense (which doesnt seem quite right)
I have a liability account "Loan from Owner" which I have used previously for things I have paid for from private funds. This sits there as a long term liability and may or may not be repaid to us.
Or do I use "Transfer Money" from the bank account into the liability account ' Loan from owner"
In the new Real Estate data base, I then need to record receiving the cash transfer from the other account into the new bank account. What would this transaction look like.
Sorry it's a long question.
Viv