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iBank or Other Asset to track Cash?
In the existing quickbooks Chart of Accounts, my company now has
an account called "petty cash" (each dept has one)
and another called "cashbox".
We are moving now to NetSuite and are revamping the entire CoA,
making use of depts, locs and classes as much as possible.
I am wondering however what to do with these two accounts:
Q1: "petty cash":
Could someone explain to me the pros and cons of making this of type "bank" versus of type "other asset"?
Q2: "cashbox"
this account is used for cash sales, cash purchases, and also to reimburse relatively small employee expenses. Would this be the same account as the NS generated account called "undeposited funds"?
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