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arkvalleyinfo
October 16, 2018
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If I withdraw money for change in the cash register, what account do I post it to?

  • October 16, 2018
  • 2 replies
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Best answer by qbteachmt

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

2 replies

qbteachmt
qbteachmtAnswer
October 16, 2018

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

    A
    arkvalleyinfoAuthor
    October 16, 2018
    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
    qbteachmt
    October 16, 2018

    "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.


      A
      arkvalleyinfoAuthor
      October 16, 2018
      Thanks very much!
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