Hi, Can anyone tell me how to enter Cash in Hand at the start of a new financial year?
I am coming from a Simplex book and dont have a lot of knowledge about accounting. I have searched through the knowledge base but cant find any reference to this problem, and so can only assume that it is obvious to everyone else, and I am the only one who cannot understand it.
When you come to the end of the year with the Simplex book you have an amount of cash in hand lets say £100, this is actual cash that you have physically in your hand. When you switch over to the QuickFile system at the start of a new year, you have to tell the system that you have this amount......so where and how do you enter it? Its not a sale, and it`s not a receipt, so how is it accounted for?
I know that I am missing something obvious, but any help would be gratefully received
Thank you.
Hi @Malinky,
You can have a bank account called petty cash, this is usually used for the cash you physically have
Thank you, I have a Petty cash account, but am puzzled as to what category to enter it as, as I said its not a Sale and its not a Receipt, I don`t see any other category that fits.
You should be able to enter it as an opening balance?
There are a few guides on starting with QuickFile, you may find this one helpful: Importing data from another system
If you enter your opening balance petty cash, it will create a journal, placing one side as the opening balance and the other most likely in to the suspense account. If its not a receipt, nor a sale, then it is most likely retained profit, in which case you can edit the journal and place it there.
Thank you, I will have a look.
Thanks Paul, Thats exactly what I was looking for Retained Profit`.
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