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Oct 16, 2018 12:35 AM UTC
Solved

If I withdraw money for change in the cash register, what account do I post it to?

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qbteachmt
qbteachmtAnswer
Oct 16, 2018 12:35 AM UTC

To your Cash "bank" account. This is between those two; not income and not expense.

6 replies

qbteachmt
qbteachmtAnswer
Oct 16, 2018 12:35 AM UTC

To your Cash "bank" account. This is between those two; not income and not expense.

Oct 16, 2018 12:35 AM UTC
Please show steps of how to set up such an account and the steps showing how to reconcile it/the two accounts. Thank you.
qbteachmt
Oct 16, 2018 12:35 AM UTC

"Please show steps of how to set up such an account"

Add a New bank account and name it Cash On Hand or Petty Cash, if you don't already have one.

"and the steps showing how to reconcile it/the two accounts."

You Count the cash on hand; that is the value you use to Reconcile to, for cash on hand. If that isn't what you see in the accounting data, someone forgot to make entries, to leave receipts, to return change, etc.


Oct 16, 2018 12:35 AM UTC
Thanks very much!