Query about recording cash float for events

Jamie339 · ‎January 27, 2020

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I withdrawn money from my business bank account to use as a cash float at events.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.

Ashleigh1 · ‎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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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!

Ashleigh1 · ‎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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Query about recording cash float for events