Transfer OR Spend Money

Question

Hi there, my situation is we receive cash money from two different Sales sources and we commonly use most of this cash money to stock our ATM machines, we need to then repay the Sales accounts from the ATM Bank account. If we use the Transfer process it doesn't allow us to allocate it as Sales Income. I'm wondering it its better to use the Spend Money/Receive Money process, I have tried this but the way I'm doing it is causing a double entry so obviously using the wrong account codes . . . looking for advise please.

Cheers

WS

Neil_M · Accepted Answer

Hi @TCMC

I’d be inclined to have a discussion with your accountant and get their thoughts on how best to record these transactions, as well as whether this is something that could be attempted in a single transaction or multiple transactions to better reflect the flow of money.

One possibility you could consider would be to use a holding account to receipt all of the money in. The amount that then gets put into the atm would be its own transaction, while the excess gets sent through to the appropriate account. When the money is taken out of the atm you could use a transfer money to reflect the amount leaving the atm and going to the bank account