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July 21, 2019
Question

How do I set up a petty cash account ?

  • July 21, 2019
  • 2 replies
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2 replies

July 21, 2019

Usually, set it up as a cash (bank) account.

July 21, 2019

Hi there, bruce6!

 

Petty Cash is the company's current assets used to make immediate payments for goods and services.

 

Just like BRC's response, setting it up is like adding a new bank account in your Chart of Accounts. Let me take you there:

  1. Go to Accounting.
  2. From the Chart of Accounts page, click on New
  3. Select Bank from the Account Type drop-down.
  4. Select Cash on hand from the Detail Type.
  5. Enter Petty Cash in the Name field.
  6. Enter the description and click on Save and Close.

 

This reference will also help you understand the cash flow of your Petty Cash account: Set up petty cash.

 

We'll keep an eye of your post if you've got more setting up questions or anything else. Have a great day! 

bruce6Author
March 17, 2020

Thank you