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Set up Term deposit in Accounts listing

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Art-fan
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Australia
Art-fan
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Set up Term deposit in Accounts listing

We recently established a Term Deposit. I have a spare Account to create this.  I was advised to use "other current Asset" for this account by our accountant. How do I post the 'transfer' of funds from our operating bank account to this term deposit when it is not a 'bank' type account?

 

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Ultimate Partner GDay53
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Ultimate Partner
Australia
GDay53
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Re: Set up Term deposit in Accounts listing

@Art-fan 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

Personally I would still create the account as a Bank type account but I would make sure it was in "Other Current Assets" in the Chart of Accounts.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
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