[GNC] Checking account withdrawals for cash boxes

[Michael Hendry]

> On 29 Sep 2020, at 21:16, Roderick A. Anderson <raanders42 at gmail.com> wrote:
> 
> Good day to all.
> 
> I have a question that may require me contacting an accountant but this is my first pass.
> 
> First I am the Treasurer for a small US 501c3.  Never been an accountant nor played one on TV. ;-)
> 
> We have an annual fund raiser.  I withdraw cash from the checking/General account for the cash boxes. In the past (and what I inherited) was to make it an expense entry.  Just doesn't seem right since we still have the money.
> 
> Should I create another Asset account and record it there?

Yes - something like:

Assets:Current Assets:CashBox

You transfer cash into it from a bank account, you might record cash coming out of it for expenses on-the-day, record cash received on the day and finally deposit the remainder (or part of it, if you’ve got another event coming up) in the bank.

You’d need professional guidance on the details of the handling and recording of the cash.

Regards,

Michael