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cgedgarg989
Level 1

How to enter petty cash transactions

I enter a transaction and use petty cash, but I never wrote a check to petty cash, is ok?

Solved
Best answer December 10, 2018

Best Answers
Anonymous
Not applicable

How to enter petty cash transactions

Petty Cash should be set up as a "checking type account."

To add money to Petty Cash, make a deposit and choose Petty Cash.

To subtract money from Petty Cash, write a check (don't print one, just record it as being written.)

View solution in original post

2 Comments 2
Anonymous
Not applicable

How to enter petty cash transactions

Petty Cash should be set up as a "checking type account."

To add money to Petty Cash, make a deposit and choose Petty Cash.

To subtract money from Petty Cash, write a check (don't print one, just record it as being written.)

View solution in original post

qbteachmt
Level 15

How to enter petty cash transactions

"but I never wrote a check to petty cash, is ok?"

No; you overlooked "where did this money come from?"

Petty Cash is a Bank type of account. You count the money on hand and use that value to Reconcile your PC bank type of account in the bookkeeping.

Yours is just running negative.


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