How can I show a deposit to a QBO petty Cash Account when the deposit doesn't come from the bank account, instead it comes from our cash sales it goes into the bank?

alexis_labattoir · ‎September 21, 2021

We keep a $500 balance in our physical petty cash box and I want to make sure that balance is the same in the petty cash account in QBO, however, when I post all the expenses for the week, it draws the balance down and I don't know how to show the deposit back into the QBO petty cash account when it's not coming from cash that's already shown in QBO.

PrachiJoshi · ‎September 21, 2021

It will come from your sales. If you have $100 in sales and $75 was paid by cards and $25 was paid in cash, the following will be the entry

DR Bank 75 (from cards)

DR Petty cash 25 (from cash)

CR Sales 100

Nick K · ‎September 21, 2021

Hi alexis_labattoir.

Being able to track your petty cash correctly is imperative to keep your accounts correct and up to date. I'd be happy to point you in the right direction to get this entered.

In order to properly track your petty cash transactions and which accounts it comes from I recommend reaching out to an accountant as they're trained in how to make and track these kinds of entries. If you don't have an accountant no worries. You can find one nearby by going to My Accountant>Find a pro to help.

If you have any questions let us know and we'd be happy to help!

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How can I show a deposit to a QBO petty Cash Account when the deposit doesn't come from the bank account, instead it comes from our cash sales it goes into the bank?

How can I show a deposit to a QBO petty Cash Account when the deposit doesn't come from the bank account, instead it comes from our cash sales it goes into the bank?

How can I show a deposit to a QBO petty Cash Account when the deposit doesn't come from the bank account, instead it comes from our cash sales it goes into the bank?

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