Checking account with debit card

Mark A. Carrozza on

All,

Our new club has a checking account with a debit card that
we've used for club expenses (so far, only our BIVIO
license). On our banking statement there is a separate
account and line item for the debit card payment to BIVIO,
followed by an immediate payment / transfer from the
checking account to the debit card account (all within the
same bank).

Question: for club accounting, do we need to maintain the
existence of the debit card account even though it is really
just a mechanism of payment with immediate reconciliation
from the checking account? Or can we ignore the existence
and simply treat the expense payment as a payment from
checking?

Regards.

iras1 on

There's no need to maintain a separate debit card account.

Ira Smilovitz

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In a message dated 12/18/09 21:10:54 Eastern Standard Time, markcarrozza@bivio.com writes:

All,

Our new club has a checking account with a debit card that
we've used for club expenses (so far, only our BIVIO
license). On our banking statement there is a separate
account and line item for the debit card payment to BIVIO,
followed by an immediate payment / transfer from the
checking account to the debit card account (all within the
same bank).

Question: for club accounting, do we need to maintain the
existence of the debit card account even though it is really
just a mechanism of payment with immediate reconciliation
from the checking account? Or can we ignore the existence
and simply treat the expense payment as a payment from
checking?

Regards.

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