Cash
The Cash section not only helps in reconciling your cash payments for the day but it also helps you balance your petty cash (cash drawer). If you are syncing/exporting to an accounting software, the cash total should be the same in three places after your sync/export and after making deposits in your accounting software:
- Cash Drawer
- Ending Cash on the most recent reconciliation
- The Petty Cash account in your accounting software
Note: On-screen help guides can be found by hovering your mouse over the blue question marks.
A. Closing Cash
- Count the amount of cash on hand, plus any paid out amounts. Cash paid out will typically reflect the value of receipts from cash purchases.
- Actual Counted should be what you have in your cash drawer plus whatever cash was paid out.
- Calculated Total is Starting Cash plus payments entered.
B. Cash Adjustments
- Cash In: Enter an amount here when adding cash to your cash drawer that is not coming from customer cash payments. You may be funding your cash drawer when opening a new store so that you have change for customers. Amounts entered will increase Ending Cash in CoreBridge only. Amounts entered in this field will not sync/export to your accounting software.
- Cash Out (Paid Out): Enter an amount here when using cash from your cash drawer for purchases; e.g., cash used for an office party. This will typically reflect the value of receipts from cash purchases. Amounts entered will decrease Ending Cash in CoreBridge.
- Cash Out (To Deposit): Enter the amount of cash that will be deposited. Amounts entered will decrease Ending Cash in CoreBridge and sync/export to your accounting software. It will show in your accounting software as Cash (Deposit). This should be deposited to the bank account.
Note: If the petty cash account in your accounting software doesn't match CoreBridge, you should balance the account with your cash drawer then use Cash In and Cash Out to get CoreBridge to match since those amounts don't sync/export.
C. Ending Cash
- This section doesn't require an entry. It is a calculation of results from A and B.
- The Ending Cash amount should match what will be left in the cash drawer after the reconciliation is saved.
D. Cash Adjustments - how they affect your accounting software when you sync/export
- Cash In: This amount will not sync/export. If the amount needs to be recorded in your accounting application it will need to be recorded manually.
- Cash Out (Paid Out): This amount will not sync/export.
- Cash Out (To Deposit): This amount will sync/export.
E. Cash with Lump Sync
- Cash Out (To Deposit): The memo in your accounting software will be "Cash Out (Deposit)" and the amount should always be posted to a bank account.
- When you receive cash payments and a portion will remain in your cash drawer, the memo in your accounting software will be "Cash (Other)" and the amount should always be posted to a petty cash account.
- To summarize, when recording cash deposits:
- "Cash Out (Deposit)" should always be deposited to a bank account
- "Cash (Other)" should always be deposited to a petty cash account
Next Steps:
Understanding Financial Information on the Reconciliation