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Lucian1's avatar
Lucian1
Contributing User
2 years ago
Solved

transferring balance from CASH DRAWER acct under assets to Director's loan liabilty acct

hello

when i first setup my asset accounts, i used CASH DRAWER acct to pay for company expenses out of personal acct. then i found out i can actually set up a DIRECTOR"s loan liabilty acct.  Is it to late to transfer the balance from the cash drawer acct to the director's acct  since it's been a couple years?  need some help and how to do it.

my concern is how will it affect submitting my t2 return

  • Hi Lucian1 

     

    Thank you for your response. 

     

    If you do combine or transfer balances from one account to other account this will not affect your balance sheet. If you will not be using the Cash drawer accounts you can combine this to the new account. You may refer to our Help Article, Combining accounts, that has detailed information to assist with this.

     

    Please feel free to post again I'm happy to assist.

     

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

     

    Cheers,

    Princess

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  • Princess_R's avatar
    Princess_R
    MYOB Moderator

    Hi Lucian1 

     

    Thank you for your post. I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.

     

    Regarding your concern you can still transfer your balance from the cash drawer account to the new account Director's loan liability account. I suggest that it would be best to speak to your accountant for your balance sheet as it may take effect on your bookeeping.

     

    Please feel free to post again I'm happy to assist.

     

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

     

    Cheers, 

    Princess

    • Lucian1's avatar
      Lucian1
      Contributing User

      Thanks so much for the response!

      So, any suggestions on how to make that entry?  Should the cash drawer be "deactivated" or kept at zero balance.  What kind of an impact would it have on my balance sheet since all I would be doing is switching the balance from one acct to another?

      • Princess_R's avatar
        Princess_R
        MYOB Moderator

        Hi Lucian1 

         

        Thank you for your response. 

         

        If you do combine or transfer balances from one account to other account this will not affect your balance sheet. If you will not be using the Cash drawer accounts you can combine this to the new account. You may refer to our Help Article, Combining accounts, that has detailed information to assist with this.

         

        Please feel free to post again I'm happy to assist.

         

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

         

        Cheers,

        Princess