I am new to this forum. I have two Cash Accounts & one Bank Account under Assets . The Balance Sheet is only showing the Balance of my one Cash Account. Please can you help me here. One is Called Cash on Hand (1001) & the other Petty Cash(1002) as our Bank Account is not yet open in my Town yet.
Thank You
Cash on hand is a control account that summarizes all cash accounts. If you named a cash account with that name, it will cause confusion. Your petty cash account is summarized there. Read the Guide about building a chart of accounts.
Sorry, I do not understand. Should I not use the code for Cash on Hand but rather create another Control Account called Cash Accounts. My Petty Cash and Cash on Hand Transaction are reflecting in the balance sheet as one figure at the moment. But I need it to be separated. . Can you help please.
Thank You
No. If you want the control account to be called Cash accounts, you can rename it by editing it under Settings. There is no need to create a new control account just to change the name.
But the point I was making is that both of your cash accounts, indeed any cash or bank account you create, will be reported on the balance sheet as part of a control account. Now, if you want the accounts to appear separately on the balance sheet, you can create a separate control account for each one and assign each cash account to its individual control account. But most users would leave all cash accounts being summarized under the Cash on hand control account.
If you want to see information about individual cash accounts, you can do two things:
By the way, the reason I wrote that “If you named a cash account with that name, it will cause confusion” is because you already have two cash accounts, one of which seems to have the same name as the control account they both are assigned to.