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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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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.