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How Do I Record Automatic Withdrawals and Deposits?
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How Do I Record Automatic Withdrawals and Deposits?

By: Steve Nelson

Mechanically, automatic withdrawals work the same way as any other withdrawals. For example, paying your mortgage payment via an automatic withdrawal works identically to paying your mortgage payment using a check. Similarly, automatic deposits work the same way as regular manual deposits.

For example, an automatic deposit of your payroll check works the same way as a manual deposit of your payroll check. One feature of an automatic withdrawal or automatic payment, however, bears mentioning. Automatic withdrawals and automatic deposits are often regular and recurring. For example, an automatic withdrawal from your small business's corporation checking account to pay the limited liability company that is your landlord that occurs every month. An automatic payroll that occurs every Friday.

When you do have automatic withdrawal or deposit transactions that recur regularly, you may want to add the transactions to Money’s list of recurring transactions.
To set up a recurring transaction, take the following steps:

1. Display the account register.

To display the register for the account with the transaction you want to add to the list of recurring transactions, click the account name listed in the Favorite Accounts area of the Money home page. If you don’t see the account listed, click the Accounts & Bills link and then select Account List to display a list of all your Money accounts.
Then click the account you want.

2. Select the withdrawal or deposit transaction.

To select the withdrawal or deposit transaction, simply click it. If another transaction in the register is selected, use the Up and Down arrows keys to select the withdrawal or deposit.

3. Add the transaction to the recurring transactions list.

Right-click the check you want to void so that Money displays a shortcut menu. Choose Add To Bills And Deposits. When you do this, Money starts a small wizard that displays a few dialog boxes that ask how often the bill or deposit occurs, how you will make the payment if you are entering a bill, and whether the bill or deposit is usually a set amount. The wizard's last dialog box summarizes the information the wizard has collected about the recurring transaction. If the information is correct, click the Finish button to have Money add the transaction to its list.

To record a recurring withdrawal, click the Common Withdrawals button on the Withdrawal tab. When Money displays the Common Withdrawals menu, choose Upcoming Bills. When Money displays another menu of recurring transactions, select the one you want to record.

To record a recurring deposit, click the Common Deposits button on the Deposit tab.
When Money displays the Common Deposits menu, choose Recurring Deposits.
By selecting one of the transactions listed, you effectively tell Money to fill out the rest of the Withdrawal tab fields or the Deposit tab fields with the information from the recurring transaction. This ability to reuse withdrawal or deposit transaction information makes it very easy to record recurring regular transactions, such as automatic withdrawals and deposits.

Article Source: http://articlenexus.com

L. Nelson is the author of do it yourself kits for Missouri incorporation, Missouri S corporation, and Missouri llc formation.

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