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steve9595
Level 1

Petty Cash in QB Self Employed

How can I add a petty cash account or manage petty cash withdrawals/transactions in Quickbooks self employed?

I know in QB online you can do this in chart of accounts. I cannot work out what to do in SE. It's driving me nuts and I am sure it's a simple solution.

cheers

Steve

Solved
Best answer January 20, 2022

Accepted Solutions
ReymondO
QuickBooks Team

Petty Cash in QB Self Employed

It's good to see you here, steve9595.

 

The option to create a petty cash account is unavailable in QuickBooks Self-Employed (QBSE). The software is only designed to connect bank accounts but not to create one. This option is only available in QuickBooks Online.

 

As a workaround, you can track your balances outside QuickBooks Self-Employed using a third-party application. Alternatively, you can manually add the transactions in the system. Then, enter a description to classify petty cash transactions.


Here's how:

 

  1. Go to the Transactions tab.
  2. Select Add transaction at the upper right hand of your
  3. Enter your transaction details. Then, click Save.

 

I'm adding this guide for details: Add a new transaction in QuickBooks Self-Employed.

 

In case you need help with other tasks in QBSE, you can browse specific topics here.

Keep me posted in the comment section down below if you have any other questions. I'm always around happy to lend a helping hand.

View solution in original post

6 REPLIES 6
ReymondO
QuickBooks Team

Petty Cash in QB Self Employed

It's good to see you here, steve9595.

 

The option to create a petty cash account is unavailable in QuickBooks Self-Employed (QBSE). The software is only designed to connect bank accounts but not to create one. This option is only available in QuickBooks Online.

 

As a workaround, you can track your balances outside QuickBooks Self-Employed using a third-party application. Alternatively, you can manually add the transactions in the system. Then, enter a description to classify petty cash transactions.


Here's how:

 

  1. Go to the Transactions tab.
  2. Select Add transaction at the upper right hand of your
  3. Enter your transaction details. Then, click Save.

 

I'm adding this guide for details: Add a new transaction in QuickBooks Self-Employed.

 

In case you need help with other tasks in QBSE, you can browse specific topics here.

Keep me posted in the comment section down below if you have any other questions. I'm always around happy to lend a helping hand.

RobRich
Level 2

Petty Cash in QB Self Employed

I have just signed up to QB self employed and found this problem with no facility to add a cash account.

I have to say that to create accounting software for self employed people that has no facility to receive or make cash payments is fundamentally useless.

Third party workarounds just add time and complexity. As a previous QB user I am very disappointed.

GeorgiaC
QuickBooks Team

Petty Cash in QB Self Employed

Hi RobRich, thanks for joining this thread - you can record cash transactions in QB self-employed without a third-party app, simply navigate to transactions > add transaction and enter the payment details. This will then post under the default 'cash' account which you can select on the 'account' filter.

RobRich
Level 2

Petty Cash in QB Self Employed

Hi GeorgiaC

There seems to be confusion in answers that I have seen many which give the same answer as you have.

However when I add a transaction the only account available is the linked bank account - no default cash account is available to post to.

Your answer differs to the answer given here from QB team

https://quickbooks.intuit.com/learn-support/en-uk/account-management/re-petty-cash-in-qb-self-employ...

JamaicaA
QuickBooks Team

Petty Cash in QB Self Employed

Petty cash is different from the default cash account, @RobRich. I’m here to clarify the confusion about them.

 

The default cash account is any readily available cash from your bank account connected with QuickBooks. A petty cash account is used to track the money you use to make modest payments when you don't want to use a cheque or credit card.

 

Yes, there is a default cash account in QuickBooks Self Employed (QBSE). The program will automatically generate and add your transactions to this account once you have manually entered them. That’s why the transaction is posted to your linked bank account.

 

On the other hand, the petty cash account is currently unavailable. That’s why my colleague above mentioned using a third-party app to track the balances or manually entering them into the program.

 

You’ll want to read about adding transactions in QuickBooks Self-Employed. It'll walk you through the steps of how to track your income and expenses.

 

Reach out to us if there's anything else that you need help with your transaction. Let us know if you have any other cash account or business account questions too. We'll always make sure to get you covered.

RobRich
Level 2

Petty Cash in QB Self Employed

Thank you very much for your reply.

I am assuming that to post petty cash transaction in the bank ledger then requires it to be excluded to reconcile the bank statement.

Overall, the very limited functionality of the QB self employed accounts software has caused me to start to search for other possible solutions.

 

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