Why was a "cash on hand account" created?

KingKing Member Posts: 4

Hello, does anyone know why this account was created with payroll expenses on it? My business checking account is connected with Automatic Tax Payments & it uses the money from that bank account, I do not understand why it would create another account for cash transactions. The company does not even accept cash.

I see similar transactions under my checkings account but with different dates, so what do I do from here, do I delete the cash on hand account, do I merge them or what...

Thanks.

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Comments

  • AlexLAlexL Administrator Posts: 1,118 admin

    Hi @King . The Cash on Hand account is a default account for all businesses within Wave. It sounds like your Payroll Mapping may be set up to map to Cash on Hand under Settings > Payroll Mapping. I'd confirm if this is the case, and if it is, then you can change the account to your bank account.

  • KingKing Member Posts: 4

    @AlexL said:
    Hi @King . The Cash on Hand account is a default account for all businesses within Wave. It sounds like your Payroll Mapping may be set up to map to Cash on Hand under Settings > Payroll Mapping. I'd confirm if this is the case, and if it is, then you can change the account to your bank account.

    Thanks! & I deleted the transactions in it since it shows up on my bank account already.

  • ChelseaKChelseaK Administrator Posts: 264 admin

    @King Sounds like a good plan. As long as the transactions in your checking account match the dates on your bank statement, that'd be the way to go!

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