Recording cash expenses

Nsfd601 · ‎June 06, 2020

I have employees who took a trip recently. We withdrew 1500 cash from checking. They just returned with approximately 1100. I entered manual expenses from receipts but I'm not sure I'm doing it correctly. When I deposit the remaining 1100 it will show a difference of 400 from the initial withdrawal and if i add the individual expenses that will add another 400 debt. What is the best way to log all this?

Rustler · ‎June 07, 2020

@Nsfd601 wrote:

I have employees who took a trip recently. We withdrew 1500 cash from checking. They just returned with approximately 1100. I entered manual expenses from receipts but I'm not sure I'm doing it correctly. When I deposit the remaining 1100 it will show a difference of 400 from the initial withdrawal and if i add the individual expenses that will add another 400 debt. What is the best way to log all this?

Create a cash type bank account in the chart of accounts, transfer the original amount to the cash account

write checks, do not print, on the cash account for the expenses

transfer the balance in the cash account back into the bank account

done

View solution in original post

Adrian_A · ‎June 06, 2020

There are two ways on how we can record this, Nsfd601.

We can either record it as an expense transaction and then we'll add the $400 as another line item.

Just a heads up, I'd suggest reaching out to your accountant to help you decide on what's the best account to use.

Then, here's how to record the expenses:

From the + New button, select Expense.
Enter your Payee.
Go to the Category details section.
Select an account, and then enter $1100 on the AMOUNT column.
In the second line, select an account.
Enter $400 as the AMOUNT.
Click Save and close.

I've also added an article for more information when recording an expense transaction: Enter, edit, or delete expenses.

Please let me know if there's anything else you need. Thanks for dropping by and stay safe!

Rustler · ‎June 07, 2020

@Nsfd601 wrote:

I have employees who took a trip recently. We withdrew 1500 cash from checking. They just returned with approximately 1100. I entered manual expenses from receipts but I'm not sure I'm doing it correctly. When I deposit the remaining 1100 it will show a difference of 400 from the initial withdrawal and if i add the individual expenses that will add another 400 debt. What is the best way to log all this?

Create a cash type bank account in the chart of accounts, transfer the original amount to the cash account

write checks, do not print, on the cash account for the expenses

transfer the balance in the cash account back into the bank account

done

Topics

Training

Community

Resources

Recording cash expenses