There may come a time when you have to do some banking, wherein there is a deposit, but it does not relate to a Customer Payment for which you would normally use Receive Payments. This could be a loan or shareholder’s contribution in which there is a cheque to deposit. Not only that but you would like to receive some cash back to replenish your Petty Cash float. Here’s how you would do this.
Using our sample company we our going to assume there is a cheque to be deposited from New Loan Company of $5,000.00 and you need $200.00 of that for Petty Cash.
Use the Make Deposit icon from the Home page, Deposit to RBC, Date is March 1, 2011, accept the default in the Memo field and in Received from type in New Loan Company. This new name will be set up as an Other. From Account is Loan, Payment Method is cheque, and Amount is 5,000.00,
In the fields at the bottom of the page you will find, Cash back goes to Petty Cash (add as new account if you do not have it), Cash back memo field insert Replenish Petty Cash, and in the Cash back amount key in 200.00. The Deposit Total will change to 4,800.00.
You can now Save & Close.
This entry will now have setup a new Liability to the Loan account in the amount of 5,000.00, added 200.00 to your Petty Cash account and will show a 4,800.00 deposit to your bank.
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