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Best answer April 15, 2020
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Hello there, @exaida.
The Petty cash account will be the one to hold those changes. Petty cash account will be the ATM and month on hand when you withdraw. You'll just have to make a transfer from business to petty cash for £20.00, then create an expense transaction in the petty cash as a bank for £19.25. The remaining balance will be left.
Also, if this remaining balance for £.75 will not be returned to the business account, you can just create another Expense transaction for unreturned changes. On the other hand, if holds to be added to the next purchase, just leave the balance as is.
However, if it will be returned, just create a Bank Transfer. I'll guide you how:
- Click the +New icon then choose Transfer under the Other section.
- Select a specific account for both Transfer Funds from and Transfer Funds to and the Transfer amount.
- Fill out other needed details.
- Hit Save once done.
Furthermore, here's an article to learn more about how to transfer funds between accounts in QuickBooks Online. This way, you'll be able to track it easily in your register.
Consider reading this handy help article in case you've got other QuickBooks concerns, such as setting up advanced reports, online banking, manage reconciliation, transactions, import and export data lists, etc. This way, you'll have better ways on how to manage your business efficiently and effectively.
Please know that I'm here in case you needed any help. Take care and have an awesome day!
Hello there, @exaida.
The Petty cash account will be the one to hold those changes. Petty cash account will be the ATM and month on hand when you withdraw. You'll just have to make a transfer from business to petty cash for £20.00, then create an expense transaction in the petty cash as a bank for £19.25. The remaining balance will be left.
Also, if this remaining balance for £.75 will not be returned to the business account, you can just create another Expense transaction for unreturned changes. On the other hand, if holds to be added to the next purchase, just leave the balance as is.
However, if it will be returned, just create a Bank Transfer. I'll guide you how:
- Click the +New icon then choose Transfer under the Other section.
- Select a specific account for both Transfer Funds from and Transfer Funds to and the Transfer amount.
- Fill out other needed details.
- Hit Save once done.
Furthermore, here's an article to learn more about how to transfer funds between accounts in QuickBooks Online. This way, you'll be able to track it easily in your register.
Consider reading this handy help article in case you've got other QuickBooks concerns, such as setting up advanced reports, online banking, manage reconciliation, transactions, import and export data lists, etc. This way, you'll have better ways on how to manage your business efficiently and effectively.
Please know that I'm here in case you needed any help. Take care and have an awesome day!
