I’ ve been using Manager desktop for several years. Over time the Cash Undeposited account has accumulated to over C$100,000. I do not have that in my wallet. It presents in the Summary report under Cash on Hand, greatly distorting the assets on the Balance Sheet. This arises, I think because a portion of sales are cash and not deposited in a bank account like paayments received electronically by debit or credit cards. Unsure how to adjust the Cash on Hand account to an accurate value, or how to do a better job of tracking this going forward.
You apparently received the cash into the account. What did you do with it?
It was used to pay bills for the business or as capital drawings.
Then you should have entered payments from that account, posted to relevant expense accounts or capital accounts. But I doubt you made those payments in bills and coins. So you might have needed to transfer money to a bank account first.
Cash accounts are not murky pots of money to use as you wish. They are exactly like bank accounts, except you hold the funds yourself and transactions clear instantly.
then you need to enter the owner drawing for all for which this has been done (probably all of it).
you will need to enter and document those bills if you wish to claim a tax deduction for them. If you can not provided documentation for those transactions, in many jurisdiction you could not claim a tax deduction, so would also need to write it off as owner drawings.
Thanks all for the assistance.