answered
Q: I am looking to start a small business and do my own accounting. If I receive an APPROVAL for an overdraft, but don't need it yet, does that APPROVAL need t be recorded in the books or only when it is activated?
A: Thanks all for your interest. I didn't go into a lot of detail at the time for the sake of brevity and I will most certainly be using an accountant! I just want to do a lot of stuff as I go so as to avoid as many pitfalls as possible along the way. I think better to try to avoid some situations if possible rather than find out after the event.I realise a little financial knowledge can be dangerous, but I think it helps to understand what an accountant is talking about when reviewing events and forward planning.
Thanks again for your help and sage advice.
Regards,
question
Q: I am looking to start a small business and do my own accounting. If I receive an APPROVAL for an overdraft, but don't need it yet, does that APPROVAL need t be recorded in the books or only when it is activated?
