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navincne2003
Level 1

I have transfer Rs 1780 more money to supplier and he has return in cash how can record entry which i have in cash by supplier

 
1 Comment 1
JonpriL
Moderator

I have transfer Rs 1780 more money to supplier and he has return in cash how can record entry which i have in cash by supplier

Let me help you record the cash returned from your supplier, @navincne2003.

 

Cash received mostly from a transfer does not affect the accounts related to the name of the transaction. With this, it is recommended to create a new account and use it to record the cash as a deposit. Let me show you how.

 

First off, here's how a new cash account is created:

 

  1. Go to Accounting.
  2. Select Chart of Accounts.
  3. Click New.
  4. Under Account Type, select Bank.
  5. On the Detail Type menu, select Cash on Hand.
  6. Enter the name of your new account. Say Petty Cash.
  7. Click Save and Close.

 

Once done, let me show you can the deposit is recorded:

 

  1. Go to the +New button.
  2. Under OTHER, select Bank Deposit.
  3. On the Account menu, select your newly created petty cash account.
  4. Below the Add funds to this deposit selection, choose the supplier name and account used on the transfer.
  5. Enter the amount (1780).
  6. Click Save and close.

 

I'm adding this article to learn more about using your petty cash account: Set up and Use Petty Cash in QuickBooks Online.

 

You may also check this reference for tips and guides helpful in managing your suppliers' activity: Manage Suppliers and Expenses for QuickBooks Online.

 

If you have any other questions aside from recording cash transactions from your suppliers, please let me know in the comments below. I've got your back. Stay safe!