* It is worth noting that there are two predetermined accounting accounts to work with: Cash and Bank.
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Cash Account: The Cash Account represents the available cash in the company. It is an asset account that includes cash money, checks, and other cash equivalents that the company has at its disposal at any time. The Cash Account is used to record all cash inflows and outflows, such as cash payments, receipts, and small disbursements.
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Bank Account: The Bank Account, on the other hand, represents the funds that the company has deposited in one or more bank accounts. It is also an asset account. It is used to record all transactions involving the company’s bank account, such as deposits, withdrawals, electronic transfers, and payments made by check or bank transfer.
