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Hello there, @info-loughwellfa.
Thanks for taking the time to visit the Community. I'll share some steps to ensure you're able to set up the petty cash account with a starting balance. I suggest going to the Chart of Accounts page. From there, you'll have the option to create a new account which will be named Petty Cash by clicking the New button.
Here's how:
For additional information, you can refer to this article: Set up and use petty cash. This also provides details on how to manage petty cash in QuickBooks Online.
I'm adding this article to further guide you in effectively managing your business using QBO: Help guide for QuickBooks Online. It contains topics about advanced accounting, banking, and payments to name a few.
Let me know in the comments below if you have other concerns about your petty cash account and managing its transactions in QBO. I'm just around to help. Take care always.
Thank you very much for your answer---I already have the Cash in hand (taken out of last year's accounts) so I don't need to withdraw from the bank---what do I do in that situation?
Thanks for getting back to us, @info-loughwellfa. Allow me to chime in and share some information about your accounts.
When you set up the Petty Cash account, you should enter the balance that so when you record the purchases it will not cause a negative balance on your account. If you haven't entered a balance, you can edit the petty cash account and input the amount from there.
Here's how:
For more details about deleting or editing accounts, I've included some articles for additional reference:
I've collected these articles that will help you manage your accounts in QuickBooks:
Tag me along if you still have questions. I'll be happy to answer them for you. Have a great day ahead, @info-loughwellfa.
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