How to Record Member Shares
I have a client that just opened up an account with a credit union. They gave the bank an initial deposit of $15 to open up the chequing account and $25.00 for a share membership.
The $15 shows up as a deposit in the chequing account but the $25 shows up as deposit under a different section of the statement called Membership Shares.
Do I need to create a new asset account for this membership? If so would the bookkeeping entry be?
Dr Bank: Membership Share $25
Cr Shareholder Acct $25
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