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LBRT
Level 1

bank withdrawals

What entries do I make when I withdraw Cash (as coins) to replenish my till

1 REPLY 1
RaymondJayO
Moderator

bank withdrawals

Thanks for posting in the Community, @LBRT

 

Let's enter a cheque or a transfer to record the bank withdrawal so you can replenish your till (cash register). Before that, you'll have to set up a petty cash account to track the money movement. Here's how: 

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Click New.
  3. Choose Cash at bank and in hand from the Account Type drop-down list. 
  4. From the Detail Type drop-down menu, select Cash on hand.
  5. Enter Petty Cash as the Name.
  6. The opening balance will be created when you move money from the checking account by writing a check or transferring funds. If you already have money to use for it, enter the amount in the Balance field and set the as of date.
  7. Select Save and Close.

 

If you wrote a cheque for cash (as coins), here are the steps: 

  1. Go to the + New from the left menu. 
  2. Select Cheque under Suppliers
  3. Leave the Payee blank. 
  4. In the Bank Account field, select the bank where the funds are coming from (withdrawal). 
  5. Enter the Cheque no
  6. Choose Petty Cash in the Category column under the Category details section.
  7. Enter the Amount
  8. Click Save and close

 

If you withdraw the cash without writing a check, follow the steps below: 

  1. Go to the + New from the left menu. 
  2. Select Cheque under Other
  3. Choose the bank in the Transfer Funds from field. 
  4. Select Petty Cash in the Transfer Funds To drop-down list. 
  5. Enter the Transfer Amount
  6. Type in a Memo like "Replenish My Till."
  7. Click Save and close

 

I've attached screenshots below to serve as your visual references for the two transactions. 

WriteACheque.PNG

 

Transfer.PNG

 

To learn more about the process above, check out this article: Set Up And Use Petty Cash

 

Once done, you can create expenses to record the cash-out transactions from the till. Be sure to select Petty Cash as the payment account.

 

Also, it's a great idea to reconcile your petty cash account regularly. Doing so will help move your paper slips to your long-term records of those transactions in QuickBooks. 

 

I'll lend a helping hand if you need anything else. Take care always. 

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