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What entries do I make when I withdraw Cash (as coins) to replenish my till
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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:
If you wrote a cheque for cash (as coins), here are the steps:
If you withdraw the cash without writing a check, follow the steps below:
I've attached screenshots below to serve as your visual references for the two transactions.
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.
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:
If you wrote a cheque for cash (as coins), here are the steps:
If you withdraw the cash without writing a check, follow the steps below:
I've attached screenshots below to serve as your visual references for the two transactions.
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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