HI ALL,
I have a question abt registering an open balance for CASH (Navision 2009). Since that i have cash desks already created from wich journal can i recall them to enter the open balance as debit and credit them to G/L Balance Account as it can be done for Bank ?
are you meaning to enter the beginning balances of cash? use general journal and debit the bank account and credit the GL account for cash.
This is the point. I want to use my cash desks not bank. Since the Cash desks will be used for petty cash for cash payment of an invoice or other expenses
I used
Please give more detail on the above - HOW is your cash desks realised, if they’re NOT under Bank Accounts??
BankAccount - it is ONLY the name, that does NOT explicitly mean you use these only for real Bank accounts, it can be whatever entity where physical / virtual cash is “stored”…
However, petty cash holders usually are implemented as Vendors (created from and linked to Employees).
Found some confusions on this also. But if I may find it correctly, Modris is right in saying that Bank Accounts is not only used for real bank acounts in bank or financial institutions. I have a client where the general manager / owner has control over the cash collections and disbursements without depositing collections or writing checks using the company’s checkbook. We then made him a virtual bank where his name is one of those (real) bank under the bank account maintenance.
With issue on petty cash, since this is I believe constitutes a fixed amount (say $5,000) it should be entered in the General Ledger as part of the beginning balance in trial balance. Replenishment of said amount will create a debit expense acccounts credit to vendor account (usually the petty cash custodian) and payments can be made thru bank accounts (real and virtual bank accounts)
So i have to create a Bank account with proper posting groups for cash accounts and use as i used for bank opening balance at Cash receipt journal.
And so on in Cash Receipt and Cash Withdrawals i have to invoke that Bank account ( Cash account) in the lines ?
yes. as if your so called cash desks is a real bank account (cash in bank) though virtual/dummy in nature.
Thank you for the help.
I created it as Bank account and assigned Cash Posting group. And from Cash receipt journal post the balance as debit and credit to the G/L Balance acount.
In my Cash desk it will invoked by the line .
BR