Church Banking Account Cash Withdrawals

Overview

There may be times when a church needs to withdraw cash for various reasons, such as providing change for an event, reimbursing someone, or covering an expense that requires cash payment. This transaction is one that would handled entirely by the church with support form notices to ensure myXP can properly account for what took place.

Best Practice for Withdrawing Cash

1. Write a Check from the Church’s Checkbook

• A designated check signer should write a check payable to themselves or another authorized individual.
• The recipient can then cash the check at the bank to obtain the necessary funds.
• Submit a Paper Check Written from the Support Form to the myXP Team.

2. Keep a Record of the Transaction

• Document who receives the cash and the purpose of the withdrawal.
• Retain a copy of the check and the bank transaction for bookkeeping records.

After the Cash is Used

To maintain clear financial records, follow these steps:

• If any cash remains, deposit it back into the church’s bank account
• Use the same expense category as the original check to keep records accurate.
• This ensures that only the actual cash used is reflected in the financial statements.
• Submit a Deposit itemization from the Support Form to the myXP Team. Use the same expense category as the original check to keep records accurate.

Important Considerations

• Ensure only authorized individuals handle and withdraw cash.
• Never withdraw more than necessary, and deposit any unused cash before month-end.
• If no church checkbook is available, a bank signer must be present to withdraw funds.
• Keep all supporting documentation for transparency and accountability.

By following this process, your church can effectively manage cash withdrawals while maintaining accurate and responsible financial tracking. If you have any questions, check with your finance team or designated financial administrator.