How to Record Masters Cash Advances
Accounting for cash advances provided to the Ship Master for discretionary vessel expenses and emergency payments.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Master's Cash on Hand | Current Asset | 10,000.00 | - |
| Cash at Bank | Asset | - | 10,000.00 |
💡 Accountant's Note
Debit a specific asset account representing cash held by the Master; credit the bank account from which the funds were withdrawn.
Practitioner & Systems Framework
💻 ERP Architecture
Treat the vessel as a separate petty cash center for reconciliation purposes.
⚠️ Audit Flags
Large unreconciled balances in the Master's account; lack of expense reports from the vessel.
📄 Required Documentation
Master's cash statement, receipts for local disbursements, and bank transfer confirmation.
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