Recording Withdrawals From The Bank
Recording a withdrawal transaction from the bank:
When withdrawing from the bank, for example, to finance the organization’s treasury, you will need to create the following entry:
1- Click on “Manual Journal Entries” from the “Accounting” dropdown menu
and you will be automatically directed to the “Manual Journal Entries” main page. Click on the “New Manual Journal Entry” icon to create a “New Manual Journal Entry”.
You will see fields for creating a new “Manual Journal Entry” where you can:
2- Type in the “Description” and set the “Date”.
3- Select the account to which you want to add the amount, which is “Petty Cash” and determine the amount in the “Debit” field due to the nature of the debit account.
4- Select the account from which the amount was withdrawn, which is the “Bank Account” and determine the amount in the “Credit” field, due to the nature of the account as it is decreased.
5- Click on “Save” to complete the process.
To learn more about adding new accounts,(the Chart of Accounts link) click here .