Best practice for cash difference

[M Prindle]

On 3/27/2010 6:26 PM, Andras Toth wrote:
> Hello, again.
>
> If I am tracking my cash in wallet, and it turns out that there is actually
> less money in the wallet than there should be, what is the best practice for
> accounting it? Just add an entry called "unknown expenditure", or is there a
> better solution?
>
> Thanks,
>
> Andras
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What I personally do when I've failed to record entries in my cash on 
hand accounts is to enter a large catchup entry that matches what my 
current balance is.  I normally call it Balance Adjustment, what is 
pretty much what your thinking about doing.  Now this is only for 
personal use, not business so I wouldn't suggest doing this for a petty 
cash account.

Mike