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Jamie339
January 27, 2020
Solved

Query about recording cash float for events

  • January 27, 2020
  • 1 reply
  • 0 views

Hello,

A silly question but couldn't find an answer.

 

I withdrawn money from my business bank account to use as a cash float at events. What should I record the cash withdrawal as? Couldn't work out what category to use in quickbooks.

Best answer by Ashleigh1

Hello Jamie339 

 

Welcome to the Community page

In the self -employed product, you could categorise it as owner withdrawal however we are not trained accountants so we'd advising checking with your accountant  that they 're happy with that. This should not hit your tax summary either. 

1 reply

cndh
cndh
February 28, 2020

Hello Jamie339

 

Assuming the withdrawal is still in your list of downloaded "For Review" bank transactions, I would TRANSFER the withdrawal to a new cash-in-hand account, called something like Event Float.
You will probably do these events again, so keep the account active. If you decide to stop doing events, then transfer the money back to zero the account.

Just noticed that you are using QB Self Employed. I don't use that version, so not sure whether the options are the same and you can access your COA, so this might be totally useless!

A
Ashleigh1Answer
February 28, 2020

Hello Jamie339 

 

Welcome to the Community page

In the self -employed product, you could categorise it as owner withdrawal however we are not trained accountants so we'd advising checking with your accountant  that they 're happy with that. This should not hit your tax summary either. 

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