Cash journal entries

Joined
May 9, 2023
Messages
1
Reaction score
0
Country
Switzerland
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 As the funds concerned were withdrawn for use as CASH in the committee float, I cannot make the corresponding journal entry to increase the Cash account as this would mean two debit entries!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
 

BIG E

VIP Member
Joined
Dec 19, 2020
Messages
291
Reaction score
40
Country
United States
Funds going out of the bank account are credit entries.
DR. Expense Account
CR. Cash
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top