Income and Tax Statement
I receive a weekly deposit of money into my business bank account for my rideshare driving. Do I allocate this money to an equity account?
When I receive the Monthly Tax Statement at the end of the month I record this into Reckon One by the Day to Day>Money In> Receive Money tab> Rideshare Income(contact)> CBA Business (Bank Account)> New Transaction Allocation where I record the money to their relevent Income and Expense Accounts eg. Gross rides Fare, Tolls etc.
Should I be using the Cash Account in the Bank account list as opposed to the CBA Business (Bank Account) on the drop down list otherwise am I making 2 payments into the business bank account when I'm only receiving 1 (weekly Deposit)? Any help would be appreciated.
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