[GNC] Be careful with `petty cash'

[Chris Green]

On Wed, Sep 09, 2020 at 05:42:05PM +0100, Michael Hendry wrote:
> 
> This probably won’t be an issue for Chris Green, who would be better served 
> by an Undeposited Funds asset account. 
> 
Yes, I think you're right. We don't have any 'petty cash' in any of
the normal senses.  We do have quite a bit of cash of course as that's
what comprises most of our collections.  However we never pay expenses
in cash, it's always by cheque even for quite small amounts.

I think the best approach is either:-

    1 - Record the amounts in their different categories as required,
    e.g. 'collection' or 'offertory box' and simply record the same
    paying-in slip number against both transactions.

    2 - Have, as you suggest, an intermediate "Undeposited Funds asset
    account" where cash is recorded as it's collected and then another
    transaction records when it's paid into the bank.

Given the very small PCC I'm managing I think 1 above will be fine.  I
record the date of the collection in the Description and the
transaction date is the date that the cash gets credited to the bank
account.

-- 
Chris Green