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Established Member

Paying for expenses out of the concession stand cash box

We often reimburse board members for purchases made on behalf of the league by paying them with the cash that is in the concession stand. However, by doing this and not recording it in the past the concession stand income has been reduced. The nightly deposit is less than it would be if we had not made the payment. So I am just wondering how to get the correct profit into concessions, the correct deposit to the bank, and expense out the reimbursement to the proper category.

Thank you:).

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Moderator

Re: Paying for expenses out of the concession stand cash box

Thank you for reaching out in the Community, @HLLBaseball.

 

I can help share some information about paying for expenses out of your petty cash. 

 

Have you already set up a petty cash account in QuickBooks? You'll need to set up this account to control the petty cash box and keep track of each withdrawal. This account will act as a bank account with its own register. Please refer to this article for the detailed instructions: How to set up petty cash.

 

Once you finish setting up this account, you can now control the cash flow. You can track transfers and expenses and reconcile the petty cash just like the other bank accounts you have in QuickBooks.

 

To transfer funds from your bank account to the petty cash account, go to the Plus Icon (+) and select Transfer. Then, fill in the details of the transfer.

 

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If you want to pay for purchases using the petty cash, you can create an Expense.

 

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This should help get you on the right track. Just in case you need some references in the future, you can also check out our site: Help articles for QuickBooks Online.

 

Keep me posted if you have additional questions about using the petty cash account. I'm always here to help.