Transfers Payable/Transfers Receivable

Business Group 1

Journal a debit to the Cash account:

  • Debit field is populated in the amount of the Total on the Receipt.
  • GL Account is populated with the value of the Deposit Account field on the Receipt record.
  • Date is populated with the value in the Posted Date on the Receipt.

Journal a credit to the Income/Revenue account:

  • Credit field is populated in the amount of the Total on the Receipt Line for the correct item.
  • GL Account is populated with the value of the Income Account field on the Item record.
  • Date is populated with the value in the Posted Date on the Receipt.

Journal a credit to the Transfers Payable Account of Business Group 2:

  • Credit field is populated in the amount of the Total on the Receipt Line for the correct item.
  • GL Account is populated with the value of the Transfers Payable Account field on the Item's related Business Group record.
  • Date is populated with the value in the Posted Date on the Receipt.

Business Group 2

Journal a debit to the Transfers Receivable Account:

  • Debit field is populated in the amount of the Total on the Receipt Line for the correct Item.
  • GL Account is populated with the value of the Transfers Receivables Account field on the Item's associated Business Group record.
  • Date is populated with the value in the Posted Date on the Receipt.

Journal a credit to the Income/Revenue account:

  • Credit field is populated in the amount of the Total on the Receipt Line for the correct Item.
  • GL Account is populated with the value of the Income Account field on the Item record.
  • Date is populated with the value in the Posted Date on the Receipt.