Cash box
Also known as: cash, petty cash, cash book, kasa
Definition
The account that tracks the cash held by the management and its inflows and outflows; together with the bank accounts, it makes up the management's funds.
The cash account tracks dues the manager receives in cash, small expenses paid in cash and amounts deposited in the bank. Each movement is recorded with a date, description and supporting document; the cash balance should match the counted cash at all times.
The less cash is used, the easier the audit: collections through the bank automatically leave a trail of who paid what. Transfers between the cash box and the bank are recorded not as income or expense but as transfers between accounts.
In CasaX
In CasaX, multiple cash and bank accounts can be defined for each site with an opening balance; the ledger, balances and cash and bank statements are always ready, and transfers between accounts are a separate entry type.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.