Check if Cash Transfers need to be made

Entering a Cash Transfer is indicated:

• When the money from the Rides on the Trek Logs does not match the actual cash then there is usually something that has been paid in cash and there should be a Cash Memo with attached Receipt or an Invoice marked paid, or a note on the Log. Create a Cash memo if there isn’t one.

These payments can arise for casual labour, horse dentist etc.

• If there is a request for Cash in the from the Director or Finance Manager to pay something in cash – they should put this in in a Cash Memo with Date, amount and what it is for.

• If we have created Creditor Invoices that need payment – as we do with ride out fees.

• One of the venues requests petty cash (80100 Petty Cash Account account)

The Trek Logs are entered as if the cash is there. The Banking is done for the full amount and there is an opportunity to put the Cash into our internal “Cash Bank Account” at the point of banking. When we do that – put in the box provided what the $ was for.

If there are Cash Payments to make – as with the monthly Ride Out fees – withhold the cash for these from the next banking. It is a good idea to do the Ride Out Fees before any banking that day.

The transactions need to be entered and allocated:

RULE: When you put money into Cash – Take it out and show how that was done – so every transaction balances.
Enter the Cash Payment Transactions
Open Transactions (Ctrl t) Tab to Payments. Enter transaction with with the box labelled “Bank:” set to 5920: Cash.

If there are several Cash Payments you can Highlight them and sum them to know how much to transfer to the Cash “bank” at banking time.