Sweep accounts- journal entry


This query is : Resolved 

Quick Summary
Journal entries for sweep accounts are correct. Transfer to sweep deposit is debit sweep account and credit bank, and reverse entries for transfer back or closure proceeds.

23 May 2014 sir, please correct me if i, were to be wrong and do advise on the issue..
thanks in advance..

1.Bank stmt- Auto sweep -

sweep deposit a/c dr
To bank a/c

2.Bank stmt- sweep transfer -

Bank a/c dr
To sweep deposit a/c

3.Bank stmt- Closure proceeds -

Bank a/c dr
To sweep deposit a/c

kindly give yor suggesstion.


24 May 2014 these are correct entries.

Rupesh Jain (Expert)
24 May 2014 ENTRIES ARE CORRENT BY YOU


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