Transfer Cash on Hand to Bank

GaryBee

Hi, I receive a lot of cash payments for my music service. People pay cash at the end of their sessions, a receipt is given and I put these individual amounts into Wave as cash in hand. These can then be changed individually within Wave as a bank deposit after they have been paid into the bank.
Is there a way to group all of the separate amounts together, so that they are shown as all being banked together?

corinne_t_cook

Hi - yes in the accounting world this is called a journal entry. You are moving money from one account to the other.

First select "Accounting" from the left menu, Then "Transactions".

If you don't know how much you have booked into the Cash on Hand category, double check it by clicking the dropdown for account to see how much is currently in the cash on hand category (ensure that is how much you will be depositing to the bank). If this amount is too low, then you should make entires for deposits into the cash on hand category that you've received from sessions first. If this amount is too high, you may need to make entries because you've spent some of the cash on other things.

To transfer from cash on hand to your bank: in the main part of the transactions screen, Enter the description (like "Transfer cash on hand to bank"). Account should be your bank, category should be "cash on hand". Amount is how much you will be depositing into your bank account.

That should be it