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Cash on hand account question

mikescoolmikescool Member Posts: 4

So recently withdrew some cash from our company checkings account to purchase office furniture from an liquidator. I'm wondering how to classify this withdrawing transaction. Would I create a transfer from checkings TO cash on hand? Then record the furniture purchases as expense in the cash on hand account?

Any advice would be welcome.

Cheers,

Mike

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @mikescool,

    That's exactly it. You would make a transfer to Cash on Hand and record that expense to it. You are right on target. If you have any concerns, let us know. I'd be glad to help out.

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