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

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Lucian1
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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

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

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

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

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

Lucian1
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Re: transferring balance from CASH DRAWER acct under assets to Director's loan liabilty acct

sorry, but i checked the combine accounts linked you recommended and have a question.  It mentioned you can only combine accounts of the same type.  would the cash drawer acct (asset)and the director loan acct(long term liabilty acct) be considered the same acct type since they are both on the balance sheet?  

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

Hi @Lucian1 

 

Thank you for your response.

 

Sorry that I wasn't able to check this before sending. Asset and Liability can't be combined, so transferring the money to the Directors account would be the best option. If you will not be using the old account you can just deactivate it. Please let me know if you have further question. I'm happy to assist.

 

Cheers, Princess

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