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Lizzie3
July 17, 2023
Question

Petty cash from sales takings

  • July 17, 2023
  • 2 replies
  • 0 views

As a small organisation with a lot of cash receipts and not near a bank, we top up our petty cash from cash sales takings, about once per week.

We enter the gross sales takings into QB, but this does not match the bank statement.  It doesn't seem possible to enter an expense transaction along with a credit against a bank entry, so we have problems reconciling the bank account.  Can anyone advise how to get round this problem please?

2 replies

paul72
paul72
July 17, 2023

Hi @Lizzie3 

 

The simplest way is to use an intermediate (dummy) account - usually Undeposited Funds which I think exists by default in QBO.  All takings go into that.

In QBO set up a Cash at Hand account - Petty Cash.  This one is treated like a Bank Account in QBO so you can raise Expense against it.

 

Use a Transfer in QBO to move from Undeposited Funds to Petty Cash and/or Bank Account.

 

Hope this helps.

A
Ashleigh1
July 17, 2023

Hello Lizzie3, thanks for posting on the Community page, you can do what paul72 has said and here is an article as well to help you with petty cash in QuickBooks. 

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