Topic: Effect of bank account types and selection of transaction type
Hi I'm a newbie to FA, so I want to understand what is the impact of selecting a Bank Account Type:
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.