Money here, money there, money everywhere...?

[Juicifer]

This question has been on my mind for a while and I like some opinions;

We have a number of financial transactions that take place every month. One of them is rent that we collect from our tenants, a second is money that we collect from debtors.
As soon as I get money I go to the bank and put it on the account I have specially opened for that purpose. With one bank I have 7 accounts.

The thing is, when people pay me money the very first thing I think of is: why would I bring it to the bank if I need to pay the babysitter tomorrow, or do groceries the next day. We do groceries and pay babysitters from other bank accounts and the Canadian banking system doesnot allow us to make money transfers from one bank to the other. It feels complicated to deposit every amount separately and I'm wondering how you handle these sort of transactions. cow-hi

[sweetana3]

Why do you have all these seven separate accounts? Is there a reason? It would seem that your recordkeeping system should be organized enough to identify all income and maybe a personal and a business account are all that are needed to just keep them separate? Complexity breeds mistakes and more transactions.

[iris lily]

agree with sweetana, 7 accounts is silly. You need to make yourself a more sophisticated accounting system.

[loosechickens]

I agree....no need at all for multiple bank accounts, and no need not to use cash paid by someone for a cash purchase somewhere else. What is NEEDED is an accounting system to keep track of the financial transactions for tax purposes, analysis, etc. It doesn't matter where you PUT the money, what matters is keeping track of it on paper. Set up an accounting system instead.

[Simplicity]

I have accounts with 3 different Canadian banks. I am somewhat able to transfer from one to the other online. I can't transfer to another bank from my ScotiaBank account, but I can very easily do it with my PC Financial one. I love my PC Financial account! No fees, free cheques, online banking is easy and I can pay all bills online and transfer to and from other banks too.

LOL I sound like an ad for PCFinancial!

You might want to look into them- I think they are available all over Canada. They are a part of CIBC, they don't really have branches, but they have "pavilions" in the Superstores.

[mattj]

If it works for you why change? Our system is a tad goofy and gets goofier if we drift off plan.