Petty cash

[athomas]

Received cash from a fundraiser. Had not yet been deposited into bank and not entered in power church. Some of the cash was diverted due to an emergency need. I think it needs to go into petty cash and out again but can't figure out which account to use to enter in petty cash since it was never deposited into the income fund.

[NeilZ]

Received cash from a fundraiser. Had not yet been deposited into bank and not entered in power church. Some of the cash was diverted due to an emergency need. I think it needs to go into petty cash and out again but can't figure out which account to use to enter in petty cash since it was never deposited into the income fund.

If you don't have a petty cash asset account setup, you need to create one.

This thread will help you do that: https://www.powerchurch.com/forum/viewt ... ash#p26434

However, in your case, you're going to have to create the deposit manually using the Enter transactions function in Funds Accounting. You would enter the total amount in an income account as a CRedit, however, you would then debit (DB) the petty cash asset account for the amount of funds diverted, and DB the checking account for the remaining funds.

Then in Accounts Payable, I would create a MANUAL CHECK to DB the expense account (whichever expense account this would fall under) and CR the petty cash for the amount used.

This should zero out the petty cash, but gives you the audit trail showing the income and expense.

FWIW .. in future, I would not disburse funds out of any 'cash' received as that leaves open a door for misuse, and you can lose audit trail.

[athomas]

How'd you get so smart. Thank you again.

[NeilZ]

How'd you get so smart. Thank you again.

Trial and error ..