[GNC] Be careful with `petty cash'

[Michael Hendry]

> On 10 Sep 2020, at 22:29, Adrien Monteleone <adrien.monteleone at lusfiber.net> wrote:
> 
> I'm not sure what you are referencing by 'paying-in slip'.
> 
> I always try to model the real world events with my transactions, so receipts of cash would be recorded for the date they actually happened:
> 
> Dr. Undeposited Funds
> Cr. Income:whatever (collection, offertory box, etc.)
> 
> Then when the deposit is made as likely an aggregate of several revenue sources and even days, I'd record:
> 
> Dr. Bank
> Cr. Undeposited Funds
> 
> If by 'paying-in slip' you mean 'deposit slip' or transaction # from the bank, you'd use that on the actual deposit transaction.
> 
> If you issue some sort of receipt or the money is collected with some sort of document number, use that number for recording the actual collection transaction.
> 
> It is also possible, we may be talking past each other about the same thing.
> 
> 
> Regards,
> Adrien

Hi, Adrien.

This appears to be a response to my last comment but I think it was intended for Chris Green, as you and I appear to be in agreement in wanting to mirror what actually happened.

UK banks supply “Bank Giro Credit” books, sometimes free-standing, sometimes forming a section at the back of a cheque book. There is a tear-off slip for the details of the deposit and a counterfoil - both identically serial-numbered - and the bank tears of the clip then stamps and returns the counterfoil as a receipt.

For paying-in slip read Bank Giro Credit slip - or deposit slip as you describe it.


Michael

> 
> On 9/10/20 4:34 AM, Michael Hendry wrote:
>>> On 10 Sep 2020, at 09:52, Chris Green <cl at isbd.net> wrote:
>>> 
>>> 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.
>> I prefer 2 because the act of paying-in is a transaction distinct from the receipt of the cash, and may include cash received on several different dates. As well as being an accurate representation of what happened, it eases trouble-shooting when (e.g.) you can’t reconcile the bank account.
> 
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