Manage Petty Cash |
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Most businesses have a petty cash float to pay for minor expenses. A petty cash account should be set up in the general ledger. If not, it will need to be created. On the ribbon, go to Accounts > General Ledger and click Add. The petty cash account should be set up as a Detail Cheque Account (Postable) type, otherwise it cannot be used in the chequebook or via creditors. The default tax code should be set to X because the GST reporting is on the expense entries.
▪The balance in the petty cash account should equal the amount of money have available for minor expenses. ▪The physical amount of money in the petty cash tin should equal the balance in the petty cash general ledger account (1-1140). ▪If it doesn’t, a combination of the physical money and un-entered receipts should equal this balance.
At least on a monthly basis, the petty cash expenses should be entered into Jim2.
Further information Electronic Payments (ABA Files) Electronic Payments Direct Debit |