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We tend to keep just bills in our petty cash. No coins. We had an employee who made a purchase on account and gave us cash to pay for it. In my Petty Cash, it now shows that I have a $.95. I want to add the nickel to round it back up to $1.00. How do I make a journal entry to show that a nickel was added to Petty Cash? (These are just numbers. Not actual amounts I have in Petty Cash)
Thank you!
Great question, @Commheat.
If you need to create a new journal entry, here’s what to do:
You'll want the entry to show an increase in your Petty Cash account and a decrease in your Cash account. To show this, debit your Petty Cash account and credit your Cash account.
For further clarification on journal entries, you'll want to reach out to your accountant, as they will know your account and business best!
You can also refer to this article to read more: Create a journal entry in QuickBooks Desktop for Windows or Mac.
I'd love to know how this goes for you! Let me know what other questions you may have, I'm just a post away!
Hi
Thank you for this but it was not exactly what I was looking for. This was more like me adding $.05 cents from my walled to the petty cash account so I can round it up to the whole dollar.
Credit: Petty Cash the $.05
Debit: Due to Stockholders under Other Current Liability the $.05 ???
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