Thank you @qbteachmt and @Anonymous for the responses.
We don't use the QB though as our main system, we only use the QB for generating report - Balance sheet and P/L - hence all our transactions are entered in the General Journal. We maintain our subsidiary ledger for customers, vendors etc in a separate system.
In connection of the above, I have another issue when it comes to making a general journal for accounts receivable multicurrency.
We have transaction usually for services multicurrency, say my homecurrency is KYD and other currency is USD. Now when setting up services, we usually credit it to KYD. so my entry is Dr. Accounts Receiveble KYD and Cr. Service Revenue. Now when a customer is paying, he might pay in KYD/USD. Here comes the problem now as the general journal field's currency must match the currency of my account. How can I journal the payment when there is a USD transaction? general journal doesn't allow debiting accounts receivable USD and at the same time crediting accounts receivable KYD.
@qbteachmt wrote:
This is Bank: "I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash."
Yes, you are managing Cash and spending and deposit and Bank is a type of asset, but with the Functionality of Spending and Deposit entry types. A CD is "other asset" but Petty cash, or Cash on Hand, and your Safe in the backoffice, these are Bank Type of accounts in your program, so you can use the Banking tools to manage the movement of funds.
Example: Petty Cash as Bank allows you to include Payee name on the Spending transaction and track that to a customer, if that also applies, and Billable or not. You need to avoid JE for Names, so you have the functionality you are missing by making them Bank; not some generic asset type.
When you have Cash, that sort of falls under the concept of Cash and Cash Equivalent = Bank Type. And now, for managing petty cash, you occasionally Count it and use that for the Ending balance to Reconcile. You have to manage cash on hand the same as cash in the bank. You just don't have an external financial institution that is holding your money. You are holding your money. And it's Real Money, and that makes it a 'stash of funds' = Bank, in the accounting.
@qbteachmt wrote:
This is Bank: "I don't want to classify it as Bank type as it would appear as savings account where as it is just a petty cash."
Yes, you are managing Cash and spending and deposit and Bank is a type of asset, but with the Functionality of Spending and Deposit entry types. A CD is "other asset" but Petty cash, or Cash on Hand, and your Safe in the backoffice, these are Bank Type of accounts in your program, so you can use the Banking tools to manage the movement of funds.
Example: Petty Cash as Bank allows you to include Payee name on the Spending transaction and track that to a customer, if that also applies, and Billable or not. You need to avoid JE for Names, so you have the functionality you are missing by making them Bank; not some generic asset type.
When you have Cash, that sort of falls under the concept of Cash and Cash Equivalent = Bank Type. And now, for managing petty cash, you occasionally Count it and use that for the Ending balance to Reconcile. You have to manage cash on hand the same as cash in the bank. You just don't have an external financial institution that is holding your money. You are holding your money. And it's Real Money, and that makes it a 'stash of funds' = Bank, in the accounting.
Hoping again for prompt response.
