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    msaka2000's Avatar
    msaka2000 Posts: 1, Reputation: 1
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    #1

    Jul 3, 2007, 12:24 PM
    Closing bank account
    I am closing a small bank account and putting the remaining $$ in the general cash account. What is the credit side of this entry?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jul 3, 2007, 01:02 PM
    What do you normally do when you deposit your cash into the bank?

    Dr. Bank Account – Small Bank Account 100
    Cr. Cash 100

    Let's say that is what you do, then what you need to do now is:

    Dr. Cash 100
    Cr. Bank Account – Small Bank Account 100

    Dr. Bank Account – General One 100
    Cr. Cash 100

    So in net, you just need to:
    Dr. Bank Account – General One 100
    Cr. Bank Account – Small Bank Account 100

    If you just call it all cash, then no JE is needed, and just make a note to the amendments of where all your cash is spread out over.
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