Recording a Cash Advance

Question

What is the tidiest way in BusinessWorks to record a cash advance deposited in checking (cash account) from existing credit card account?

Coleen Graber · Accepted Answer

Technically, there is no set procedure for this transaction. My thoughts: 
 1)Post a Deposit in CM/Bank Transactions. Determine what account to offset (this account will offset in step #2). This transaction is to show monies for the advance were received 
 2)AP Invoice to the Credit Card vendor and expense to the account you used in step #1 (to zero or wash it out). This transaction is to show the outstanding liability on the credit card vendor. Then you can pay the invoice to the credit card vendor to pay back the advance. 
 Coleen

Coleen Graber · Answer

Hi- I need some more information regarding what you are trying to do. For example, is the cash advance from the customer (in AR) or is this something you are paying a vendor (in AP) I am also not sure what you mean by it is from an existing credit card account? Can you please give me some more information so I can understand what you are trying to post? 
 Sincerely, 
 Coleen

Sage BusinessWorks

Recording a Cash Advance

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