[moneydance] till?

[Keith Bates]

On Wed, 23 Aug 2006 23:12:55 -0400
John Muccigrosso <internetj at muccigrosso.org> wrote:

> Not strictly speaking an MD question, but I'm wondering how to
> handle my till on the first day of business operation.
> 
> For example, I go to the bank and take out, say, $100 from my  
> checking account to have in the cash register for change.
> 
> At the end of the day, I go and deposit, say, $200 into that same  
> checking account in the bank.
> 
> Money from the till is usually income, but the initial $100 deposit  
> can't be considered a transfer into such an income account. So
> should I just treat that deposit as one into "petty cash" and have
> $100 of the $200 deposit into the bank come from "cash" and the other
> $100 be income? Or do I treat all of it as a transfer from "petty
> cash" and separately treat all income as flowing into "petty cash"?
> 
> Thanks.
> 
> John Muccigrosso

The normal practice is to keep some cash in your till as a float, and
just bank the excess which is really your income.

I would create an asset account called cash or float. Your initial
withdrawal then goes in as a transfer to the asset account. You then
don't touch that asset account again until you no longer need the
float then, when you bank it, it goes in to the cheque account as a
transfer back.

-- 
God bless you,


Keith Bates
4 Mooloobar St
Narrabri NSW 2390

Phone: 02 67924890
Fax: 02 67925418

www.new-life.org.au

If you don't have a reason to live

JESUS IS THE ANSWER!

Ask him into your life today...
He really does make a difference.