[GNC] Be careful with `petty cash' (was: 'sub-transactions')

[Adrien Monteleone]

I've seen suggestions in accounting texts (and use myself) an account 
called 'Undeposited Funds' as a Current Asset. Checks and currency 
destined to the bank (but not there yet) are recorded here when received.

Regards,
Adrien

On 9/8/20 4:58 PM, Max Hyre wrote:

>     Be careful with the `petty cash' account.  It has a specific meaning in bookkeeping:  it's a set amount you keep on hand for when someone needs to buy copier paper, or pens, or whatnot, and doesn't want to bother with a check or credit card.  When it gets low, you top it off to the set amount and continue.  Get the receipts to check against the account.
> 
>     For the above suggestion, I think what you need is a ``miscellaneous cash'' account, or a ``cash in second left-hand drawer'' whose only purpose it to go into the bank.
> 
>> You can then log the two different cash receipts as transfers from
> 
> Income:Offertory —> 2d drawer and Income:Collection —> 2d drawer.
> 
>> These will be dated for the Sunday the cash was received.
> 
>> At some future date, you’ll transfer the whole (or part) of the
> 
> 2d drawer Cash into the bank account with a single pay-in slip:
> 
> Asssets:Current Assets:2d drawer —> Assets:Current Assets:Your Bank.