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January 10, 2024
Question

I want to pay my petty cash in to my business account how do i record this?

  • January 10, 2024
  • 1 reply
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1 reply

January 10, 2024

By following these steps, you can accurately record the transfer of petty cash into your business account in QuickBooks Online, @stuart-hartle.


Before that, you’ll want to set up a Petty Cash account to easily track all associated transactions in the program. Refer to the following steps below to accomplish it:

 

  1. From your company file, select the Gear icon.
  2. Select Chart of accounts, then hit the New button.
  3. From the Account Type dropdown, choose Cash at bank and in hand.
  4. Select Cash on hand from the Detail Type dropdown.
  5. You can enter “Petty Cash” in the Name field.
  6. If you already have money to use for petty cash, enter the amount in the Balance field and select the as of date.
  7. Click Save and Close after.


Once done, you can create a transfer to track the funds. Here's how:

 

  1. Select the + New button, then go to the Transfer option.
  2. From the Transfer Funds From the dropdown list, select the account that the money is coming from.
  3. From the Transfer Funds To dropdown list, select the bank account the amount is going to.
  4. Enter the amount and edit the date field.
  5. You can enter a description in the Memo field.
  6. Click Save and close to complete the transaction.


Here are some tips for handling petty cash and ways to track it in QuickBooks Online: Set up and use petty cash.


Moreover, generating reports helps you review transactions to ensure everything is entered accordingly.


Please don’t hesitate to reach out again if there’s anything else I can help you with besides accounting petty cash. I’m willing to explore and provide the assistance you need, @stuart-hartle.