Process Cash Withdrawals

In the Add Cash Withdrawal panel, you can post a cash payable for any local currency and indicate whether to settle the cash withdrawal automatically or manually.

Post a Cash Withdrawal

To post a cash withdrawal:

1. In Accounting Center, in the left navigation pane, click Transactions > Cash > Contributions & Withdrawals > Add Cash Withdrawal.
   You see the Cash Withdrawal panel.

2. Complete the options on the Add Cash Withdrawal panel.

3. Click Submit.

Example - Cash Withdrawal

The following example shows data you can enter in the Add Cash Withdrawal panel.

The Add Cash Withdrawal panel is basically the same as the Add Cash Contribution panel. The only difference between the two is the Event Category field value of WITHDRAWALS.

When the Withdrawal Currency field value is not equal to the entity Base Currency field value, the panel executes a lookup to return the most recent FX rate (based on FX Rate Source field value stored for the specified entity). You can override the FX rate, and the panel recalculates the base amount.

As with the Add Cash Contribution panel, you can set the Settle Trade Indicator field to a value of either Yes or No. If you select Yes, the transaction is auto settled to cash. If you select No, the transaction has to be manually settled or picked up by the Contract Cash event that can be scheduled.

View Withdrawal Results in the Cash Journal

After you submit the Add Cash Withdrawal panel, you can view the processed cash activity using the Cash Journal report.

Open

The Cash Journal report not only displays the Canadian Dollar withdrawal, but also segregates the CAD activity from any other currency.

The system reports and stores cash activity at both the traded and settled level. The cash balances for these transaction types can be considerably different from one day to the next, based on an entity's unsettled transactions.

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