I operate a restaurant. We have various suppliers that only take cash payments on delivery.
I record my sales gross weekly (split for vat) and then have card, cash and petty cash to balance off against the sales.
I want to know the best way to enter the petty cash. I have an invoice for the majority of petty cash items that i enter in as a supplier
Id like to once a month enter all my petty cash transactions (if i spread sheet these is can it be done automatically) and then pay off suppliers and expense some of these too.
any help appreciated
It's my pleasure helping you set up petty cash in QBO, @Ade23.
First, you'll have to create a petty cash account. Here's where you keep money on hand to pay for minor cash items such as stamps, office supplies, tips, parking tolls, etc.
Next, here's how to manage petty cash:
For Cash In:
For Cash Out:
I still encourage you reaching out to your accountant. These transactions most crucial process is the account to affect and choose. He/she could guide you which option to take based on your recording practice and business needs.
If you have additional questions, please let me know. I'm here to help you.
Thanks for the reply. The issue we have is the cash is being taken before it’s reached the bank, so say we sell £1000 of food for the day, bank £800 but pay out £200 direct to a supplier for a delivery. I record the sale as 1000 match 800 but what to do to match the missing 200. I also then place the invoice in, so need to match that off too.
Hi there, @Ade23.
Allow me to chime in and help provide some additional information about recording transactions in QuickBooks Online (QBO).
First, I'd like to acknowledge your effort in sharing the detailed information about your concern. In this case, you can record separate transactions for customer and supplier.
You'll need to record or change the invoice amount to £800, then apply the payment using the Receive Payment function with the exact amount of the invoice. For supplier transaction, create a bill for the amount of £200 then use the Pay Bills function to mark the bill as paid.
Doing this will post as money into your current account and money out for your expense account.
If you need further assistance with the steps, I recommend contacting our QuickBooks Online Support Team. They have additional tools to pull up your account and do a screen-sharing.
Here's how to contact our customer support:
That should do it! Feel free to leave a comment below if you have any other questions about recording transactions in QBO. I'll be around to help. Have a good one.