How to transfer from account

Posted by mervinwilliams on March 20, 2007, 8:45 pm

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We have setup accounts for equipment, materials and labor, which
receive the amounts from invoices for the appropriate items. Now,
these accounts hold the correct totals, but in our operations we want
to use monies from the appropriate account to pay for expenses. For
instance, we want to pay for materials from the materials account, and
labor from the labor account. We want a debit to be shown directly
from the appropriate account, although it is the bank account that
will ultimately be debited.

Can anyone help me achieve this?

Thanks in advance,

Mervin Williams

Posted by Scott on March 21, 2007, 10:55 am

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If you set these accounts up as sub-accounts under the bank account you
would be able to pay out of any of them, with the actual account balance
shown in the main bank account & reconciliation done in total also through
the main account.

Scott out.

> We have setup accounts for equipment, materials and labor, which

> receive the amounts from invoices for the appropriate items. Now,

> these accounts hold the correct totals, but in our operations we want

> to use monies from the appropriate account to pay for expenses. For

> instance, we want to pay for materials from the materials account, and

> labor from the labor account. We want a debit to be shown directly

> from the appropriate account, although it is the bank account that

> will ultimately be debited.

> Can anyone help me achieve this?

> Thanks in advance,

> Mervin Williams

Posted by S.M. Serba on March 27, 2007, 3:16 pm

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What exactly do you mean "pay for materials from the materials
account"? Technically "materials" is an expense... Do you set aside
funds to separate bank accounts for materials and labour?

Please provide additionall information as to what sorts of accounts
you are talking about. Do you have more than one bank account?

Stephanie Serba, ICIA
Durham Business Outsource
Bookkeeping & Tax Prepartion Partner
www.dbo.ca

On Mar 20, 8:45 pm, mervinwilli...@msn.com wrote:

> We have setup accounts for equipment, materials and labor, which

> receive the amounts from invoices for the appropriate items. Now,

> these accounts hold the correct totals, but in our operations we want

> to use monies from the appropriate account to pay for expenses. For

> instance, we want to pay for materials from the materials account, and

> labor from the labor account. We want a debit to be shown directly

> from the appropriate account, although it is the bank account that

> will ultimately be debited.

> Can anyone help me achieve this?

> Thanks in advance,

> Mervin Williams