Forum Discussion

Shaynee's avatar
Shaynee
Contributing Cover User
3 years ago

Bank Guarantees

Hi we just started a project that required us to submit 2 bank guarantees, 1 for practical completion and one for 12 months after completion of project. 

The amount for the bank guarantees has been removed from our account and put into a special term deposit until they are released. 

This is the first time using bank guarantees and am seeking how this transaction would be recorded as unable to find any assistance online. Is it as simple of setting up a new asset bank account code? 

Any assistance appreciated. 

Thankyou 

1 Reply

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Shaynee 

     

    Thanks for your post. As we're not accountants we're not permitted to advise on the applicable accounts or tax codes for those transactions. If you're not sure we do recommend speaking to your accountant.

     

    Once you know what you need to record I'll be happy to assist with how to do that in the AccountRight.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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