How do I manage float cash?
You should use the Account Transfers feature [Transfers>Account Transfers] if you want to fully account for float transactions in Clubtreasurer. Simply, you create an initial transfer out of your BANK ACCOUNT into your CASH/FLOAT ACCOUNT* representing the amount of float monies required, and then a later corresponding transfer as you pay these float monies back into your BANK from the CASH/FLOAT ACCOUNT*.
An important point here is that float monies should NEVER be included in Receipt or Payment transactions for Event activities, else they would be double counted. Float monies are not part of these transactions; they are simply to ensure that each event stall or stand has sufficient opening monies.
As an example, we'll assume that a Sports Club is holding its annual "Summer BBQ" event on the 15th May for which it needs a £100 float for the various stalls. The float is taken from the main "Bank" account via a cheque, and in this case, the Sports Club also maintains a separate "Float" account in Clubtreasurer (you could use your existing "Cash" account, but using a separate Float account makes it easier to manage float money where it can be tracked separately and, importantly, you can ensure that this account balances back to zero each time that float money is taken out of your bank and paid back in). Finally, the float money is paid back into the Bank (probably with the rest of the cash raised at the BBQ a few days later.)
The Float transactions are:
- 15-May: Account Transfer: Record £100 transfer FROM: Bank Account (record cheque number) TO: Float Account
- 18-May: Account Transfer: Record £100 transfer FROM: Float Account TO Bank Account (record paying-in number)
*Some organisations define and use a separate "FLOAT" account to hold and manage float balances only. This is a personal preference and it is OK to hold your float balances in the CASH account.