How to Set Up Petty Cash in QuickBooks?
Petty cash is a convenient and reliable supply chain of cash one can utilize to make prompt payments for goods and services. One should hire a person in your company to control and monitor the cash box to keep the systematic track of each withdrawal.
In this blog, we are going to tell you how to set up petty cash in QuickBooks online. Or you can call QuickBooks Support and take the assistance in order to that
How to set up a petty cash account?
In your chart of accounts, you can create a Petty Cash account. It will act like a bank account with its register. You will see the deposit in its register when you withdraw cash from your account into Petty Cash.
Follow these steps:
• Click on the Gear icon appears on the Toolbar.
• Choose Chart of Accounts under your company.
• Click on New.
• Choose Bank (or Cash or Cash equivalents) from the Account type drop-down.
• Choose Cash on Hand from the Detail type drop-down
• For the account name, choose Petty Cash.
• Enter the balance at that particular date. Leave the opening balance at zero if the account is new. (Once you move money from the checking account by writing a check or transferring funds the opening balance will be created).
• Click on Save and close.
How to control cash flow?
Follow these steps to control cash flow for your Petty Cash account:
By your check account, withdraw a round sum and then keep the cash in a cash box that is locked in the office. You can repeat the same in QuickBooks if you wrote a check for cash and then select Petty Cash as the expense account. This can be used for transferring funds if you received the cash without writing a check.
Have the individual whom you have given the money sign a slip of paper to show whom, when, and what the money was utilized for when you offer money to an employee. Utilizing Cash Expense record this.
• Repeat step 1 when you want to add more cash to the box.
• Each time you should indicate the sums you've stored in the case the sums on the sheets of paper and the money you have left.
• Just like some other financial balance in QuickBooks Online, you can follow these exchanges and costs and accommodate your insignificant money account.
• Now you can set up a petty cash account. Also, you can control the cash flow.
To know more on how to set up petty cash in QuickBooks Online call QuickBooks support number 1 (888) 366-0202 Feel free to reach us anytime; our team of executives is 24/7 available at your service.
