how can i enter journal entries of a transaction in which money transferred from bank to cash in hand
here is my scenario
i have a bank account SCB
and a bank account credit card
and a cash account cash in hand
i want to give money to from SCB to credit card and cash in hand
as you said i go to (navigate to the account where you will get the money) in my case it is cash in hand. then i go spend money in this form things there is payee and account and in account it has (expenses, income, assets, liabilities, equity)
NOW WHAT I ENTER IN PAYEE AND WHAT TO SELECT FROM ACCOUNT?
Your questions are a little confusing, because you say that cash in hand is both the source and destination of the money. Regardless of which way money is moving, all exchanges between your cash and bank accounts are transfers and should be handled by clicking on the
Transfer money button.
(I apologize: I mistakenly typed
Spend money in my earlier post and gave you instructions for that. I have deleted that post.)
When you transfer money, you do not need a payee. You only have choices of your bank and cash accounts. You select which account the money is paid from and which account it is received in. You can add a description of why the money was transferred.