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M
Mark Armistead
October 12, 2023
Question

Planner & Petty Cash

  • October 12, 2023
  • 1 reply
  • 0 views

I've managed to get the Planner working for me in a very manual way. Lots of room for improvement like adding VAT, as I've been suggesting via the useless feedback for months. Anyway, I digress.

The issue I'm not trying to work out is how can a petty cash account be included in the Planner? Of course a petty cash account isn't an online connect bank, but should be included as cashflow in accounting. I've tried making it a sub-account of the main current account but that doesn't work 😞

 

PLEASE DON'T TEL ME TO USE THE FEEDBACK COG OF DOOM! Constructive replies only Intuit.

1 reply

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GeorgiaC
October 12, 2023

Hi Mark, thanks for sharing your thoughts on this.

 

The Cash flow planner deals with gross amounts, as it pulls some of it's info directly from the linked bank feeds, whose information is always the gross amount, including VAT. The planner will try and add projected income and outgoings based on past data from connected bank feeds; it isn't possible to add other accounts from your chart of accounts to this. You can, however, manually fill in any known income/expenses that the cash flow planner has not filled in automatically (such as those from the petty cash account) as there is no way for us to force it to add in other data. It will automatically include in future projections those which the system can anticipate, including recurring, or ones of any sort of frequency.

 

For further information on the cash flow planner, see here.

M
Mark ArmisteadAuthor
October 12, 2023

@GeorgiaCThanks for the reply. However, if it's a refection of cash, regardless of where it's located then a petty cash account should be included. You can't add petty cash as an income, IF, it's been withdrawn as petty cash from a bank account. The overall bank balances should not change as in effect it's just a transfer of fund from one account to another.
If I have £1500 in a current account, I then withdrawn £500 to hold as cash, then the business still has £1500. It's pretty basic accountancy and the planner should be able to reflect this.
 
On the VAT front I am manually adding VAT and changing it through each quarter, but it's not ideal. Seems a bit of a cop out by not taking into account VAT for VAT registered companies. If a user is to use the planner for cash flow purposes then everything should be included.

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