Post by MS INYOFU (@theconscience)

ACCOUNTING HINT

Mistake: Recording bank-to-cash transfers as income or expense

Correct: Use a contra entry because money is moving within the business

Example:
Withdraw N50,000 from bank for cash:
Dr Cash
Cr Bank

Deposit N30,000 back to bank:
Dr Bank
Cr Cash

Why: No income, no expense just fund movement.

Do you use contra entries correctly?

ACCOUNTING HINT Mistake: Recording bank-to-cash transfers as income or expense Correct: Use a cont...

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