cancel
Showing results for 
Search instead for 
Did you mean: 

Reply to message

View discussion in a popup

Replying to:
ProAdvisor

Re: How to record Cash withdrawals used for business expenses?

@intermextrans

 

I have the two transactions on my banking waiting to be recognized:

 

1. 9/18 = -$1,000 ATM withdrawal

2. 9/25 = +$200 Deposit

 

1) Open new Petty Cash Account

2 ) Click "+" create button at the top right corner > Choose "Transfer" Under Other. 

     Transfer $1,000 from bank account to new petty cash account

3) Click "+"  create button again. This time select "Expense" under Vendors to expense $800 purchase items. Be sure to select petty cash account (2nd field on screen). This will reduce balance from $1,000 to $200.

4) Click "+"  create button again. Choose "Transfer" Under Other. Transfer $200 from petty cash account to new bank account. This will bring petty cash account balance to zero.

5) Go back to bank feed "For Review" section. You should see MATCH green icon for both of your transactions ($1000 withdrawal and $200 deposit). Click MATCH sign. Clicking MATCH icon will not add new transactions. It will just match already recorded transactions from #2 and #4.

 

If you could just follow these steps, it should work fine. Cheers!

Need to get in touch?

Contact us