How to sell shares and deposit in Savings account.

Posted by Dick on February 1, 2007, 5:19 pm

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I have Q07 and want to sell some shares of a Mutual fund and receive a check
which I intend to deposit in a Savings account. I don't have a direct
transfer set up for the Mutual fund to EFT the funds so I have to do it by
check. What is the proper way to handle this in transaction in Q07? It
appears that if I do a sell and transfer transaction with a transfer to the
savings account the dates will be the same. If I put it into the mutual
funds cash balance how do I get it out and into the checking account. All
help is appreciated. Thanks

Posted by R. C. White on February 1, 2007, 10:08 pm

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Hi, Dick.

This is one of the times when it might help to have a "Cash on Hand"
account. Then you could record the sell and transfer to this Cash account;
later you would record the deposit of this Cash into your savings account.

(You did say, "how do I get it out and into the checking account", but you
meant "savings account", didn't you?)

Of course, the "Cash on Hand" account can have any name you want; it will
have a balance for only a short time and then revert to zero. I have such
an account which I call "Undeposited Checks". We accountants often keep a
"Suspense" account for just such transitory items; it can be either an asset
account or a liability account, depending on the contents at any particular
time.

RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)

>I have Q07 and want to sell some shares of a Mutual fund and receive a

>check which I intend to deposit in a Savings account. I don't have a direct

>transfer set up for the Mutual fund to EFT the funds so I have to do it by

>check. What is the proper way to handle this in transaction in Q07? It

>appears that if I do a sell and transfer transaction with a transfer to the

>savings account the dates will be the same. If I put it into the mutual

>funds cash balance how do I get it out and into the checking account. All

>help is appreciated. Thanks