The above mentioned transactions has to be analysed properly and recorded in a systematic way to avoid confusion of any type in future.
The concept of double entry in a business transaction is necessary and important concept to be understood by the accountant or proprietor of the business.
The various types of assets a firm or any business entity owns fall under the category of real account.
Anything that cannot be touched or felt physically is known as Intangibles.
The various types of Intangible assets included under real account are goodwill, patents and trademarks of registration firm etc.
The transactions included in personal account are debtor, creditor, banks, goods purchased from suppliers, capital or drawings etc.
If you have a credit and debit card, use the first one for your purchases on Cyber Monday electronic deals.
In general, credit cards have better security, and if you suffer a hack, they will not be emptying your checking account but the bank account.
Transferring money from a credit card to bank account involves potential costs and charges that must be kept in mind.
Listed below are a few reminders on card to bank transfer charges that must be considered:
Cash advance interest rates: credit cards can be used to transfer money to bank accounts.
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Online money transfer is wiring money (sending money instantly) from one account to another, using the modern technology of electronic fund transfer (EFT).
