30-07-2012 10:04 AM
We have a new retail business with cash sales and payments. I have used MYOB for a not for profit organisation, but not for a shop. Could someone please explain how to record cash in and out and also taking amounts out to bank, without incorrectly doubling our income totals? I have googled and looked for the answer, but keep seeing the answer that we no longer need the cash drawer and to use undeposited funds, But this does not help, when we pay some suppliers cash and are on a cash accounting system.
31-07-2012 06:50 PM
If you are paying some suppliers in cash, and others from your bank account, you will need to setup a petty cash account. This means when you're paying bills, you could select if it comes from your main account or petty cash.
The below support note will assist you with setting up a Petty Cash Account, and also includes how to add cash in and out.
Regarding being on a Cash Accounting system, you can run your profit and loss on a cash basis. You can find the Profit and Loss cash report through your reports area >> Accounts >> Small Business entity.
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