Cash Accounts

Use Cash Accounts for petty cash, cash registers, cash drawers, piggy banks, and cash that you keep in mattresses and under floor boards.

HINT-- Cash accounts help you to handle cash purchases and petty cash balances in the Goldenseal accounting software.

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When to Use Cash Accounts

Set up a Cash account for any of the following:

Cash registers or cash drawers
Petty cash funds in the office, at sales branches or on job sites
Petty cash funds or travelers checks that are carried by an employee
Cash or other negotiable assets stored in a safe, mattress or hollowed out book
Postage meter contents that you want to value as an asset
Any other location where cash, checks or similar assets are stored

Entering Cash Accounts

To create a new Cash account, follow these steps:

Choose Cash from the Accounts menu.
Choose New Record from the Edit menu, or click the New button.
Fill out information about the account.

QUICK SETUP HINT-- You only need to enter an Account Name. For accurate reconciling and balance sheet figures, also enter a Starting Balance.

Data Fields

Enter the following information for each Cash account:
Account Name-- Enter a short name for the account. This is the text that will appear in the Chart of Accounts and in pop-up menus.
Address-- Enter the address where the cash is located.
Starting Balance-- Enter the starting balance for the account-- the amount of money in the account when you first started with Goldenseal.
Minimum Balance-- If you restock a Cash account when it goes below a certain amount, turn on the checkbox and enter the minimum amount that you keep there.
Include in Starter File-- Turn on the checkbox if you'd like to include this account when you create a new starter file.
Creation Date-- When you create an account, today's date will be entered automatically. You can change this date if desired.
Account Number-- An account number will automatically be assigned.
Company Division-- Use the clairvoyant field to enter the Company Division to which this account belongs.
Comments-- Enter any comments you'd like to make about this account. You may want to enter key words to make it easier to locate or group particular accounts.

Calculated Fields

Goldenseal shows the following calculated values for this account:

Current Balance-- The current balance is the most recent running total, after all cash transactions are included.
Last Changed-- Goldenseal shows the date of the most recent change in this account.

Status Field

Enter the current status of this account:

Active-- You currently do business with this account.
Inactive-- You don't currently do business with this account, but you may in the future.
Closed-- You definitely don't do business with this account any more.

Optional Fields

Use the Custom Layouts command to add any of the following optional fields:

Account Number-- you can assign account numbers to each cash account
Balance Sheet Value-- the calculated asset value of the account
Last Reconciled-- the most recent use of the Reconcile command

You can also show fields for Email, Fax Number, Full Name and Phone number, or use those text fields for any other text information about the account.
HINT-- You can also add custom fields to store any other information about your Cash accounts.

Cash Transactions

To move money into or out of a Cash account, use a Cash Transaction.

To create a Cash Transaction, follow these steps:

Choose Cash Transactions from the Bank menu, and choose an account from the submenu.
Click the New Button, or choose New Record from the Edit menu.
Click on the Type popup at top center, and select a Payment, Deposit, Transfer In or Transfer Out.
Enter other details for the bank transaction.

Using Cash Accounts

Use Cash Transactions to handle the money that goes in and out of your cash accounts.

When you make cash purchases, you can enter an instant purchase to automatically deduct the money from a Cash account.

To see a record of cash income and outgo, choose Banking from the Reports menu, and choose Cash Transactions from the submenu.

The value of your Cash accounts automatically shows up as an asset on your balance sheet. To see it, choose Financials from the Reports menu, and choose Balance Sheet from the submenu.

To find a specific cash transaction, open the Cash Transactions and use the Find command.