This small article gives information on showing Overdraft figures within the package.
Your Overdraft facility does not need a special entry within the accounts.
When your current account file goes overdrawn the balance will just be negative.
You’ll need to keep a check on your limit’s yourself as there nothing significant from an accounting perspective about the overdraft “limit”. The credit limit is the same.
We use our business cards like charge cards with the full balance paid each month, however as this payment is typically mid month the card is permanently showing a negative month end balance..All Articles