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Level 1

Petty cash record keeping question

I have a Petty Cash bank account in my Chart of Accounts. When the time comes to record my purchases using my petty cash (which is actually an envelope of cash as these are always small expenses) I do so using my Petty Cash register, which is fine. However, I'd like to attribute these expenses to particular jobs and there doesn't seem to be any way to do that...or am I missing it somewhere?

I had a look at the article that's often referenced with this question, but that doesn't seem to apply.

Thanks.

Solved
Best answer December 10, 2018

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Level 7

Petty cash record keeping question

Petty cash should be set up as a bank account in QuickBooks.  The balance remains the same unless you change the amount of the petty cash fund.  You can use the register, but I would recommend that you write a check and include in the expense field the appropriate expense account and include the customer:job in that field as well.  You are simply writing a check from one bank account to replenish the till in petty cash.

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Highlighted
Level 7

Petty cash record keeping question

Petty cash should be set up as a bank account in QuickBooks.  The balance remains the same unless you change the amount of the petty cash fund.  You can use the register, but I would recommend that you write a check and include in the expense field the appropriate expense account and include the customer:job in that field as well.  You are simply writing a check from one bank account to replenish the till in petty cash.

View solution in original post

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Level 1

Petty cash record keeping question

does it have to be in the same year that the expenses where paid, or can I write a check in 2017 for 2016 petty cash expenses?
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Level 8

Petty cash record keeping question

I agree with the guru, write checks is the easiest, if you must use the register use the "splits" tab.

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Level 1

Petty cash record keeping question

how do you set up a petty cash bank account?

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Content Leader

Petty cash record keeping question

Hello, amccallum.

 

Thanks for taking the time to visit the Community. I'd be glad to show you how to set up a petty cash account.

 

Which version of QuickBooks are you currently using? Here's how to get this done in QuickBooks Online:

 

1. Click the Gear icon in the top right corner.

2. Select Chart of Accounts.

3. Choose the green New button.

4. In the account type drop-down, select Bank (or Cash or Cash equivalents).

5. For the Detail type, choose Cash on Hand.

6. Enter Petty Cash for the name.

7. Enter the balance.

8. Click Save and close.

 

This article provides additional information on using a petty cash account: https://quickbooks.intuit.com/community/Reports-and-accounting/How-to-set-up-petty-cash/m-p/186400.

 

If you need the steps on how to do this in another QuickBooks version, or if you have questions about anything else, please let me know. Wishing you and your business continued success.

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Level 1

Petty cash record keeping question


1. Click the Gear icon in the top right corner.

2. Select Chart of Accounts.

3. Choose the green New button.

4. In the account type drop-down, select Bank (or Cash or Cash equivalents).

5. For the Detail type, choose Cash on Hand.

I use the premier version and don't see an option for Cash or Cash on Hand. When I choose "bank" as the account type, I don't see an option for detail type (on this or the next screen).

 

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Moderator

Petty cash record keeping question

Hello there, Aluriel.

 

Thanks for joining this thread. Let's get this taken care of.

 

I'm here to me help you set up a Petty Cash account in QuickBooks Desktop. You don't need to select a detail type, you can just choose Bank as your account and enter Petty Cash as your Account Name.

 

Here's how:

  1. Go to the Accountant menu.
  2. Click Chart of Accounts.
  3. From the Account button, click New.
  4. Choose an Account Name (Petty Cash).
  5. Click Save & Close.

 

 

Keep in touch if you have any other concerns about QuickBooks. I'll be around to help you out. 

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Level 1

Petty cash record keeping question

Hi, I am trying to set up a petty cash bank account in desktop 19, can only find directions for online version and it is apparently not the same. Any help is appreciated!

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QuickBooks Team

Petty cash record keeping question

Hi @D0lfin

 

I appreciate you for taking the time looking for help articles to guide you in setting up a petty cash account in your QuickBooks desktop.

 

Setting up a petty cash account is just the same as adding a new bank account in the Chart of Accounts. Let me show you how: 

 

  1. Go to the List menu and select Chart of Accounts.
  2. Click the Account menu at the bottom, then choose New.
  3. Select Bank in the Choose Account Type window.
  4. Click Continue.
  5. Enter the word "Petty Cash" in the Account Name field.  Adding an account number is optional.
  6. Select the Enter Opening Balance button if applicable. You can also add it at a later time.
  7. Click Save & Close.

 

Learn and read through our help article: Enter opening balance and refer to the steps under Bank or credit card accounts topic. It has a step by step guide on adding opening balance in QuickBooks Desktop.

 

Let me know if you need help with anything else. I'll be glad to provide support. 


 

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Level 1

Petty cash record keeping question

IS THIS BANK ACCT OPTION FOR PEOPLE THAT TYPICALLY GET PAID FOR THEIR SERVICES IN CASH? I CURRENTLY ON'T HAVE A BUSINESS BANK ACCT (YET) SO EVERYTHING IS IN CASH. I HAVE ENTERED THE TRANSACTIONS & COMPLETED THE RECEIPTS ALL LISTED AS CASH PAYMENT---SHOULD I CREATE A PETTY CASH BANK ACCT?

Highlighted
Moderator

Petty cash record keeping question

Hi there, @RUFFCUTSLLC!

 

Yes, you can utilize the Petty Cash bank account and its function since you haven't started tracking the payments with an actual bank account. But I'd still recommend contacting your accountant for additional advice and assistance.

Lastly, here's a few articles you can read for ideas about how you can manage your accounts and transactions: Reports and Accounting for QuickBooks Online.

 

If there's anything else that I can help you with, let me know in the comments. I'll be happy to help.

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