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Level 1

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

 
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Best answer October 15, 2018

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Level 15

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

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

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Level 15

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

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

View solution in original post

Highlighted
Level 1

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

Please show steps of how to set up such an account and the steps showing how to reconcile it/the two accounts. Thank you.
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Level 15

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

"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.


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Level 1

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

Thanks very much!
Highlighted
Level 1

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

What if you didn't use your bank account. For example, I bought coins (0.25$ for 20$) from my cash on hand account. So, at the end of the day I don't count coins for my cash on hand, I keep them on my register and I count my cash on safe that I need to deposit on my bank account. How to record that transaction?

Thank you

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Level 3

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

If you are just trading one form of cash for another then you would not need to record the transaction.

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