Before you proceed to configure Cash Books, please read through the below.
Basic idea of how / when do you use the cashbooks
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Cash Book vs GL Codes
- In EMP, Cash Book is different from GL Code.
- When creating the Cash Book, you will need to specify the GL Code for this Cash Book. This is so that all money in to and out from this Cash Book will have a corresponding transaction being recorded in the specific GL Code in the Accounting Module .
- Please note that multiple Cash Books can share the same GL Code. This is because in the General Ledger, most of the time the account departments just want a summary of the money transactions occur in these cash books, however, we create different cash books to allow the business to keep track of the money separately as required by the operations.
What are the common Cash Books?
- Petty Cash / Cash Drawer
- Cheque
- Post Dated (PD) Cheque
- Banks (for example, MBB, RHB, HSBC)
What is the advantage of creating a Cash Book for each of the Branches?
You are advised to create separate Petty Cash / Cash Drawer cashbooks for each of the Branches, this is so that you will be able to keep track of the exact monetary transactions for each of the Branches from the Finance Module. Having said that, you can actually configure the Petty Cash cashbooks for all branches to share the same GL Code (example GL Code : cashDraws), so that the Account Department will have a consolidated view.
What about other Cash Books, do I create separate Cash Books for each of the Branches also?
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Please refer to: Cash Book Maintenance