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.

 

Info

Note: If the account is already set up, it may be set as Detail Account (Postable). If you wish to use it with the chequebook or creditors, you can delete this account then add it using the Detail Cheque Account (Postable) option.

 

setuppettycash

 

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.
 

hmtoggle_arrow1Enter expenses into the petty cash account

 

hmtoggle_arrow1Top up the petty cash float

 

 

Further information

Banking Security

Bank Deposits

Bank Feeds

Settlements

Bank Reconciliation

BPAY

Bulk Payments

Cheque Book

Electronic Payments (ABA Files)

Electronic Payments Direct Debit

Transfer From One Bank Account to Another

Transfer Unbanked Funds to Cheque Account