How do i record cash being withdrawn from my bank account and then being put into our petty cash - used for purchases?

I will make certain that this gets resolved for you, poppingdeliciou. This way, you can seamlessly use your petty cash account in QuickBooks Online (QBO).

You can pay for minor expenses with petty cash, a handy source of your funds. If you haven't already, please create a petty cash account in QBO to track your transactions related to it. Here's how:

1. 1. Go to Settings ⚙ and select Chart of accounts.
   2. Click New and pick Cash and cash equivalents from the Account Type dropdown.
   3. From the Detail Type dropdown, choose Cash on hand.
   4. Enter Petty Cash in the Name field.
   5. The opening balance will be created when you move money from the current account by writing a cheque or transferring funds. If you already have money to use for petty cash, enter the amount in the Balance field and select the as of date.
   6. Tap Save and Close.
      
      

After that, you'll have to record the cash you withdraw from your bank account, depending on how you do it. Proceed with these steps if you wrote the cheque for cash:

1. Click the + New button, then pick Cheque.
2. Choose Petty Cash as the payee. Select + Add new if petty cash isn't in the list of payees.

Otherwise, follow these if you took out the cash without writing a cheque:

1. Tap + New button.
2. Choose Transfer.

For more information about recording cheque or transfer entries, visit these articles:

• Create and record cheques in QuickBooks Online
• Transfer funds between accounts

When using it for your purchases, record taking cash from petty cash as an expense transaction with petty cash as the payment account. The amounts on the slips of paper and the cash you have left should add up to the amount you deposited in the box. Check out this resource for detailed info about this option: Set up and use petty cash in QuickBooks Online.

That should do it! Please let me know how it goes or if I can assist with handling your petty cash by leaving a comment. Have a good day ahead!

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