Short Term Deposits
Hello!
2 x Bank guarantee's were issued for our Company and allocated to Short term Deposits with a balance of $34,427.00
One of the bank guarantee;s has now been returned to us. How do i allocate the return of the BG and therefore reduce the balance of the Short Term Deposit account?
Hi
When the money comes in you need to receive the funds to the bank account
THe allocation is against the Short term loan accou nt for the original amount any additional amount should be recorded as interest
eg short term deposit was $25000
Funds deposited 26750
Transaction :
deposit to bank 26750
allocation std $25000
Interest received $1750
Hope that helps
Lisa
