FrontAccounting forum — Effect of bank account types and selection of transaction type

Re: Effect of bank account types and selection of transaction type

2017-01-25T12:33:59Z

Advance payment to supplier should be a "loan" till the invoice is booked.

Debit Card, direct debit, standing order etc are "cheques" in FA where the Transaction number can be the Cheque Number. Make it part of the name of the Bank Account.

Re: Effect of bank account types and selection of transaction type

2017-01-22T09:09:15Z

in Cash GL Cash_in_Hand
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IN Cq you Pay by cq
in Creadit bank a/c is od cash credit limit

Effect of bank account types and selection of transaction type

2016-12-21T18:47:56Z

Hi I'm a newbie to FA, so I want to understand what is the impact of selecting a Bank Account Type:

Chequing
Savings
Credit
Cash

I can see that Cash is not allowed to go overdrawn - I don't see why this should be the case as mine is always overdrawn (I pay for things before the company draws out the cash and re-imburses me)
but what about the others ?
Are there limitations on the others ?

I have set my current account to chequing, but I find that all payments to suppliers show as a cheque... but in fact mostly I pay by direct bank transfer as most of my customers also do ? I also want to be able to identify types as e.g. direct debit or standing order or debit card - these are all payment types from my current account.