Reply To: Transaction Account for Partnership Question

[Paul – FS Concierge]

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This is an Accounting question so I really shouldn’t be answering it – the best advice is to see an Accountant.

But here goes anyway.

You can use whatever account you want – it is immaterial to tax law and accounting rules.

Money going in and money going out and how the use and disbursement of that money is what counts ie, it is used for business purposes is what matter.

I hope that helps.

Cheers
~Paul