QuickBooks comes with the best features and one of the best features is Petty Cash. Petty cash is a simple quantity of money which is only for little or small investment. Most of the users use this money to get office supplies, paying for postage for business set up, etc. It is a part of QuickBooks and is completes the small purchases. Some example of petty cash is given below :
- Foods or snacks for meeting purpose
- Office stationery
In today’s topic, we will discuss the set up the Petty cash and how to use petty cash.
Steps to Setting up of Petty Cash Accounts in QuickBooks
Here you will get how to set up the petty cash account. Simply follow the below steps:
➤ Go to Settings >>Chart of accounts
➤ Click on New Button
➤ Select Bank option from Account type drop-down menu
➤ Select Cash on Hand from the Detail type drop-down menu
➤ Enter the petty cash for the account name
➤ While transferring your money from the checking account by mentioning a cheque or giving a cheque. If you have petty cash mention the amount in the balance field choose the date
➤ Save and close
➤ Account created
Method to Use Petty cash in QuickBooks
Using petty cash is simple and by using below steps you can easily learn how to use the same
① How to put cash in:
- Debit some account from your account and put it in a locked cash box
- Record the transaction
- If you have mentioned the cheque then mention the Create and then Cheque
- Select the petty cash as the payee
- If you debit the cash then select the create and transfer
If you are giving the cash to anyone or using it, record the same with the slip of paper to find who used it, when used it and how much amount has been used. All the time’s amount of paper you have left and the amount of cash you have should be added to the amount deposited in the box.
Record Petty Cash:
Let’s see how to record petty cash investment. Below are the steps to follow the same
- Explore your chart of accounts and select petty cash financial balance option
- In the record register, open a new transaction section. You don’t need to record the payee but money you need to record. In that case, all the negotiable money was spend on the payee, after that you can enter the payee name
- Mention the measured amount of payee cash spends in the payment section mention there. Choose the business ledger that related with buy under the account drop-down menu
- On the off chance that the negligible money costs range different records. In this situation select the splits capacity and record the cost sum for each record
- select Save option and you are done
How to Contact?
For any help, simply dial and get the help from QuickBooks expert instantly. QuickBooks Helpdesk members are available 24*7 to support you with any errors and issues. Technicians are professional, polite, easy to understand the issues, and having the years of experience which makes them more understandable your queries. You can also email at [email protected] and soon one of the technicians contact you with the solution of your errors. Just connect with Helpdesk and leave you QuickBooks issues to solve by QuickBooks Helpdesk.