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    What is ‘Cash on Hand’?

    Asked Oct 14, 2009, 09:03 AM — 7 Answers
    What is ‘Cash on Hand’ in QuickBooks?

    My notes say choose ‘Cash on Hand’ as the bank account for the purchase in QuickBooks.

    Question-

    Cash Purchase Invoice #S-18299
    From (Vendor) $40 plus @2.80 GST and $3.20 PST for safety pins number tags on runner participates for identification. Invoice total $46.00 paid by Cash on Hand. (use Office and Computer Supplies Account)



    Do I enter this in ‘sales receipts’, 'invoices' or ‘write cheques’?.

    Last edited by J_9; Oct 17, 2009 at 07:57 AM.
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    7 Answers
    morgaine300's Avatar
    morgaine300 Posts: 6,564, Reputation: 275
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    #2

    Oct 15, 2009, 01:27 AM

    Cash on Hand means literally what it says: cash that you have on hand, not in the bank. I don't know where you go the note to pick cash on hand as the "bank account" for the purchase. Cash on hand isn't a bank account. That's kind of the point.

    It's not being specific about what it is. Could be petty cash, or a cash drawer for any type of retailer. It's literally money at the company site.

    Don't make it confusing for you entry. It's still an asset. It's still a debit account. It still got paid and went down.
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    vikingleif's Avatar
    vikingleif Posts: 9, Reputation: 1
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    #3

    Oct 15, 2009, 04:46 AM
    You have not answered my question.
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    morgaine300's Avatar
    morgaine300 Posts: 6,564, Reputation: 275
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    #4

    Oct 16, 2009, 07:22 PM
    That's right - you're the one who thinks I'm supposed to be a mind reader and know exactly, precisely what kind of answer you would like, and then left me a negative cause my answer wasn't perfect enough to suit you. I said I wouldn't answer your posts again since I'm not a good enough mind reader for your expectations.

    I did answer the question. I told you what cash on hand is. If you do not understand the answer, then say you do not understand the answer, tell me what you don't understand, and ask me to clarify.

    But DO NOT tell that I "didn't answer" the question, when I did!!

    And this time I will definitely remember your name and never attempt to help you again, because quite frankly, you're ungrateful. I'll let you pick on someone else.
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    vikingleif's Avatar
    vikingleif Posts: 9, Reputation: 1
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    #5

    Oct 17, 2009, 03:54 AM

    I have reported you. You are a rude person. And you DID NOT answer my question.
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    ScottGem's Avatar
    ScottGem Posts: 61,838, Reputation: 5748
    Computer Expert and Renaissance Man
     
    #6

    Oct 17, 2009, 04:59 AM


    Quote Originally Posted by vikingleif View Post
    I have reported you. you are a rude person. And you DID NOT answer my question.
    First, may I call your attention to the guidelines for using the comments feature found here:

    http://www.askmehelpdesk.com/feedbac...ure-24951.html

    I checked the thread where you gave morgaine a negative comment and it looks to me like she did answer you. A negative comment should only be given if a response is factually incorrect. Since you had to ask the question, it would appear that you are not in a position to judge whether the answer was correct or not.

    I also am sure that the answer she gave in this thread was accurate. While I don't use Quickbooks, I do use Quicken and it has an account type of Petty Cash. From what I understand of accounting, any withdrawals from a bank account that are not used immediately to pay for some purchase or cash received that is not immediately placed in the bank should be added to petty cash where it is considered cash on hand. You can call an account anything you want. Call it Petty Cash, Cash on Hand, Cash Drawer, whatever. The concept is still the same and Morgaine's answer was correct. So h erresponse was understandable. And your report of it has been ignored.

    I will also add one more thing. Reviewing your other posts, it appears that you are asking for answers to homework questions. We have a policy for that found here:
    Ask Me Help Desk - Announcements in Forum : Arts & Literature
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    maria0932's Avatar
    maria0932 Posts: 8, Reputation: 1
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    #7

    Oct 17, 2009, 05:11 AM
    Quote Originally Posted by morgaine300 View Post
    Cash on Hand means literally what it says: cash that you have on hand, not in the bank. I don't know where you go the note to pick cash on hand as the "bank account" for the purchase. Cash on hand isn't a bank account. That's kind of the point.

    It's not being specific about what it is. Could be petty cash, or a cash drawer for any type of retailer. It's literally money at the company site.

    Don't make it confusing for you entry. It's still an asset. It's still a debit account. It still got paid and went down.
    Bravo Morgaine..! You give your honest reply and took effort to answer the query, that ungrateful person can really ruin your day!
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    morgaine300's Avatar
    morgaine300 Posts: 6,564, Reputation: 275
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    #8

    Oct 17, 2009, 01:51 PM

    Thank you Scott and Maria. (P.S. I'm a she, but that's OK.)

    Cash on hand means what it means.

    As some around here say: the answer is as good as the question. If it wasn't answered the way you would like, it's YOUR responsibility to say what other information you may have wanted, not just keep insisting it wasn't answered.

    You are the one who is rude to people who are trying to offer you FREE help. I could kick myself for not remembering and actually making an attempt to help after how you responded the first time.
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