Dear All,
When performing a recurring journal entry I am unable to find my bank/petty cash account (listed under asset category). How can I ensure the deduction of amount is done through my bank or petty cash account?
thanks.
One cannot record any transaction involving the movement of actual money with a journal entry. Read https://www.manager.io/guides/7820 and Record a payment | Manager.
Related to recurring or normal general journal entry, I was unable to find any such thing neither in the document/guides. I have had used quickbooks before and found it convenient where the journal entry allows me to post expenses and balance it with a bank account/petty cash account. Can you please advise how the same can be achieved?
It can’t be done. You can not use a journal entry to post transactions to a bank or cash account. Use the Receipt or Payment transaction
Thanks Joe for clarifying. I was concerned on how to manage some recurring transactions by defining them through recurring journal entries. But I guess it has to be manual through payments/receipts.