Firstly, 1000 apologies in advance for this very stupid question, but I am covering as the Treasurer for our local committee (non profit) and I have an issue in my accounting app that needs to be solved asap!!
To my limited understanding - funds going out of the Bank account are a debit entry. As the funds concerned were withdrawn for use as CASH in the committee float, I cannot make the corresponding journal entry to increase the Cash account as this would mean two debit entries! What would be the right approach?
We are a small (15 people) committee so we don't have accounts like Drawings or Petty cash - just Bank and Cash.
Thanks in advance
To my limited understanding - funds going out of the Bank account are a debit entry. As the funds concerned were withdrawn for use as CASH in the committee float, I cannot make the corresponding journal entry to increase the Cash account as this would mean two debit entries! What would be the right approach?
We are a small (15 people) committee so we don't have accounts like Drawings or Petty cash - just Bank and Cash.
Thanks in advance
