Any Accountants/CPA’s in the House?
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Thread: Any Accountants/CPA’s in the House?

  1. November 29th, 2004, 05:46 PM #1
    Steve R Jones's Avatar
    Steve R Jones
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    Any Accountants/CPA’s in the House?

    I’m looking for a phrase/term to describe the following type of transaction:


    All offices using one accounting package:

    Main Office (HQ) writes a check on “behalf” of remote site one. This credits Cash and debits a Due From Balance Sheet account on HQ’s books. At the same time it credits a Due TO account and debits an Expense account on the sites books.

    Thoughts?
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  2. November 29th, 2004, 08:34 PM #2
    Train
    Train is offline Friend of Site Staff
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    How about Interfund Transfers ?
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  3. November 30th, 2004, 07:05 AM #3
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    Steve R Jones
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    Thats close. The due to/due from accounts would be considered InterCompany accounts..
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  4. November 30th, 2004, 05:51 PM #4
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    maxximilian
    maxximilian is offline Madd Maxx
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    I don't know.....but the transaction sounds an awful lot like someone's mom paying their bills for them.....LOL

    I can see some college kids calling home and asking for an "Interfund Transfer" when their electricity gets shut off because they spent the bill money on one "hellacious kegger party"

    Omnimaxx Cam Central
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  6. December 1st, 2004, 06:38 PM #5
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    shiva_42
    shiva_42 is offline Senior Meddler
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    How about "Interbungling Recovery"?
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  7. December 1st, 2004, 06:38 PM #6
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    shiva_42
    shiva_42 is offline Senior Meddler
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    Or simply "bail"?
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