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.
