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Discussion Forum Index --> Accounting Questions --> Wire Tranfers
Acctax (talk|edits) said:
| 5 April 2008
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| Should a trust account in QB be set-up for monies collected that will be transmitted in a matter 1 day or 2 or set it as a regular income account. Client transmits money on a daily basis to Mexico mostly. Never encountered this before.
Dar
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Murrsg07 (talk|edits) said:
| 2008-04-05
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| Check QB forums instead. I believe you'd have to set up a "Liability Account" for this purpose.
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Natalie (talk|edits) said:
| April 6, 2008
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| This is just a basic bookkeeping question. All transactions should be recorded. If these are just funds transferred in from one account and out to another, then just use the transfer feature in QBs. If the money coming in is collected on behalf of someone else, then you will need a liability account.
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Acctax (talk|edits) said:
| 7 April 2008
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| Thank you Murrsg07 for your input and confirming my thoughts on the trust acct (liability). So busy with the deadline looming. Always like a second opinion.
Dar
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