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
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 .