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How to sell shares and deposit in Savings account.

I have Q07 and want to sell some shares of a Mutual fund and receive a check which I intend to deposit in a Savings account. I don't have a direct transfer set up for the Mutual fund to EFT the funds so I have to do it by check. What is the proper way to handle this in transaction in Q07? It appears that if I do a sell and transfer transaction with a transfer to the savings account the dates will be the same. If I put it into the mutual funds cash balance how do I get it out and into the checking account. All help is appreciated. Thanks

Reply to
Dick
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Hi, Dick.

This is one of the times when it might help to have a "Cash on Hand" account. Then you could record the sell and transfer to this Cash account; later you would record the deposit of this Cash into your savings account.

(You did say, "how do I get it out and into the checking account", but you meant "savings account", didn't you?)

Of course, the "Cash on Hand" account can have any name you want; it will have a balance for only a short time and then revert to zero. I have such an account which I call "Undeposited Checks". We accountants often keep a "Suspense" account for just such transitory items; it can be either an asset account or a liability account, depending on the contents at any particular time.

RC

Reply to
R. C. White

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