Hi - I've just been given the extra job of inputting transactions in our accounting software. I'm not an accountant/bookkeeper by nature/employ so require some help. The software isn't a commercial brand.
Having looked at an "All Transactions" spreadsheet of transactions exported from the system, which were undertaken by my colleague before they left their job, I've been trying to make head or tail of how they did things.
Just wondering, within the Current Account cashbook, why would someone put, as a Current Account receipt, "Current Account" as Payer/Payee of the transaction? My colleague made some Current Account receipt cash transactions using this Payer/Payee name.
My Scenario: We've received £10 cash, paid to us by Mickey Mouse, which I need to bring into the current account, but its not going to be paid into the bank, its going to be transferred straight after by bank transfer into the petty cash account, and the petty cash tin box. As it stands now, the system thinks I'm going to be paying it into the bank, as it wants me to choose a paying-in slip number - I'm wondering if its because I entered it with the actual name of the Payer/Payee, ie Mickey Mouse in this scenario. Had I put Current Account as Payer/Payee maybe this wouldn't happen? Might anyone know the answer? Is this usual practice and for what sorts of transactions would I use "Current Account" as payer/payee.
Thanks
Having looked at an "All Transactions" spreadsheet of transactions exported from the system, which were undertaken by my colleague before they left their job, I've been trying to make head or tail of how they did things.
Just wondering, within the Current Account cashbook, why would someone put, as a Current Account receipt, "Current Account" as Payer/Payee of the transaction? My colleague made some Current Account receipt cash transactions using this Payer/Payee name.
My Scenario: We've received £10 cash, paid to us by Mickey Mouse, which I need to bring into the current account, but its not going to be paid into the bank, its going to be transferred straight after by bank transfer into the petty cash account, and the petty cash tin box. As it stands now, the system thinks I'm going to be paying it into the bank, as it wants me to choose a paying-in slip number - I'm wondering if its because I entered it with the actual name of the Payer/Payee, ie Mickey Mouse in this scenario. Had I put Current Account as Payer/Payee maybe this wouldn't happen? Might anyone know the answer? Is this usual practice and for what sorts of transactions would I use "Current Account" as payer/payee.
Thanks