Data Entry Questions
Here are some fast answers to questions recently asked through the Fathom site.
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The easiest way is to set up a bank account in the chart of accounts named Petty Cash. Then just write checks from the Petty Cash Account using the cash receipt as documentation. When you replenish the Petty Cash Account with cash from your bank checking account, you can post that check to the Petty Cash Account. Many sole proprietors just use their own pocket cash during the year for small expenses. In this case, make a single entry on 12/31 each year that will zero out the negative balance in the Petty Cash Account to Owner's Draws.
If you have your Preferences set to recall the last entry, the memo line will be a repeat of the last entry as well. You can manually change it as you complete the new entry. If the entry is a memorized transaction, it is best to memorize it without the memo as you may not have an opportunity to view the entry as it is made. This can mean that the old memo is repeated over and over and yet has no meaning on the current entry.
Remember that there memos on checks and credit card charges in two locations. One location will appear in your check or credit card register. The memo in line with your Account line will appear in reports of that account.
Yes. If you receive a refund from a vendor, you should not receive payments as you would from a customer. You could receive a check from a vendor for an insurance refund or as a refund when you return goods you purchased.
To deposit a check from a vendor, go to Banking, Make Deposits. Set the date. In the Received from column, fill in the vendor's name. In the account column, fill in the appropriate expense. If this is an insurance refund, your account would be "Insurance." If it is a refund on office supplies you returned, then the account would be "Office Supplies." Fill in the check number, payment method and amount and save the deposit.
If you have funds that you have received to deposit at the same time, you can include them on the same deposit form.