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mrskatecorby's avatar
mrskatecorby
Experienced Cover User
3 years ago

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 all...
  • LRBooks61's avatar
    LRBooks61
    3 years ago

    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

LRBooks61's avatar
LRBooks61
Ultimate Cover User
3 years ago

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

  • mrskatecorby's avatar
    mrskatecorby
    Experienced Cover User
    3 years ago

    Thank you! I have done this and it worked!

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