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.
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Cheers,
Princess