Most retailers keep a certain amount of cash on hand in their cash register drawers (usually a $100 starting balance each day, also called a base amount). chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, . At the end of each business day, the daily sales are subtracted from the register to leave the $100 for the next day's starting amount. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, . To properly track and reconcile these funds, you need to set up a separate account for your cash drawer. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, .
Note: If you have several cash registers, or several drawers within a single register, create a separate account for each register or drawer.
Example
This example is for a common retail experience, where you have one cash register with several drawers, each one assigned to a different employee for their use when ringing up sales.
Cash Drawer account
Drawer 1 (subaccount of Cash Drawer)
Drawer 2 (subaccount of Cash Drawer)
Drawer 3 (subaccount of Cash Drawer)
For multiple registers with multiple drawers
First, set up a register as an account, then set up the drawers for that register as subaccounts.
Cash Drawer Register 1 account
Drawer 1A (subaccount of Cash Drawer Register 1 account)
Drawer 1B (subaccount of Cash Drawer Register 1 account)
Drawer 1C (subaccount of Cash Drawer Register 1 account)
Then, set up additional accounts and subaccounts for each additional register, such as Cash Drawer Register 2 account with subaccounts for the drawers in that register.
To set up a cash drawer account
Open the New Account window.
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Important: You only need to use a few of the New Account fields to set up a cash drawer account.
Click Bank.
Why do I need to use "Bank" as the account type?
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Click Continue.
In the Account Name field, enter the account name, such as Cash Drawer.
(If the account is a subaccount) Select the Subaccount
of checkbox, and choose the account name from the drop-down list.
(Optional) In the Description field, enter an account description. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, . Some retail businesses use this field to give a more detailed description of the particular cash register drawer.
Leave the Opening Balance at zero, and leave the current date in the as
of field. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, .
The opening balance will be recorded later when you transfer money from another bank account to fund your cash drawer. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, . If you've already funded the drawer, enter the opening balance amount and the date that you put the money into the drawer. chart of accounts, cash drawer, setting up account, setting up, cash drawer account, adding, cash drawer account, .
Click Save & Close.
See also