If a cheque is cashed and transferred to the petty cash account, do I simply use the transfer icon on bank and transfer the cheque amount from the account (1200) to petty cash account (1230) on sage?
If so where do I enter the cheque number? Would I enter it where it says reference?
Yes this is the best way to treat it. Transfer from bank account (1200) to petty cash account (1230) and you can enter the cheque number in the reference field. You can also enter a description in the relevant field "Cheque cashed for petty cash" or similar.
No, you can't use the bank payments/bank receipts reports as if you do it this way Sage posts journals which don't show up on a bank receipt/payment report. You'll probably have to run an Audit trail report from the Financials module (in Sage Instant anyway). Not sure if you can run a journal report in Line 50.
Hope that wasn't an exam question I just helped with
As someone that is doing the ICB Computerised Level II in about 10 minutes time (after I've re-booted) then the answer is, yes, it is. But as it is also a mock exam question there can't be any complaints. Had I not seen the answers on the mock exam I don't think I'd have figured it out myself either.
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Never buy black socks from a normal shop. They shaft you every time.
What with Glastonbury being on BBC2 and BBC3 I'm still trying to get he exam done. They're going to have a laugh looking at the times of some of the reports (3am then the next report will be 2pm the following day).
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Never buy black socks from a normal shop. They shaft you every time.
