@@chix25 it’s the same way as when you first set it up
@user-kx1rp6tr3z17 күн бұрын
Hi! After transferring funds from Checking to Petty Cash account, is it correct to record the receipts from the Enter Bills against employee name to get paid from the reimbursement and make the payment applied to Pay Bills under the Petty Cash account? Or it should be recorded as expenses to the Write Checks under Petty Cash account. Thank you.
@jw41113 ай бұрын
Worked great - thanks!
@QbuniversityOrg3 ай бұрын
You’re welcome!
@jenerousnasaasira2322 Жыл бұрын
Thanks a bunch, you were very helpful
@QbuniversityOrg Жыл бұрын
You’re welcome!
@fineur111 ай бұрын
In order to maintain the 500.00 petty cash monthly do I just transfer out of cash in bank to Petty cash the months expenses? I am SOOOOO new to petty cash use and even quickbooks itself. What I had worked out in setting up account and recording usage, you verified I did right, I just confirmation on replenishing Petty cash.
@perfectfitalterationssewin43242 жыл бұрын
Very helpful, thank you.
@QbuniversityOrg2 жыл бұрын
Welcome!
@Keeperofloveys62 жыл бұрын
Great video, up until bot explaining the reconciliation of those receipts?
@QbuniversityOrg2 жыл бұрын
Bot?
@Tamjeepster5 ай бұрын
How do i replenish petty cash?
@QbuniversityOrg5 ай бұрын
Take money from the checking and put it in there. You could write a check and code it to the Petty Cash account
@ellenwinter95912 жыл бұрын
How to create GST reports and file to government. I m in CA. Thank you
@QbuniversityOrg2 жыл бұрын
Please search for sales tax videos on my channel for this topic
@user-hd6cz2xz2n Жыл бұрын
I need to close the petty cash account. Will not be using how do I do that?
@QbuniversityOrg Жыл бұрын
Do a journal entry to zero it out. The accounts in the entry depend on if there is a balance in it or any actual cash in it
@c.75722 жыл бұрын
When withdrawing cash from the ATM, is it possible to account that as Owners draw instead of petty cash?
@QbuniversityOrg2 жыл бұрын
Yeah you can do that!
@c.75722 жыл бұрын
@@QbuniversityOrg thank you for clarifying it!
@QbuniversityOrg2 жыл бұрын
@@c.7572 welcome!
@c.75722 жыл бұрын
@@QbuniversityOrg I’m trying to wrap this around my head. For the situation I mentioned above to use owners draw instead of petty cash, when I create a petty cash account (to use as payee) in the chart of accounts, is it still considered a bank or equity for owners draw?
@QbuniversityOrg2 жыл бұрын
@@c.7572 petty cash is set up as a bank account. It is for a small amount of cash kept on hand for small expenses that come up like postage
@georgesologuren85352 жыл бұрын
I'm sorry, I don't agree. When Dan gets the 20 dollars he gets an IOU and a duplicate goes in the lock box. Balance is maintained. When Dan comes back from Staples the bookkeeper is responsible for reconciling that the receipt and change equal to 20 dollars. You put the change back in till along with the receipt and tear up the IOU. Balance is maintained. When the funds run low you reconcile petty cash to make sure receipts, IOU's and cash always equal the same balance (imprest system) and then replenish petty cash with a check from operating account in the amount of the receipts which you code to account for each individual receipt. Balance is maintained. Net income is off only as much as petty cash balance and actual lock box balance differ which is immateriality; any IOU in the lock box are cash equivalent so they don't count. Periodically, someone count the petty cash lock box . This is done unannounced and randomly by someone other the the person who handles petty cash. That is most important because if an employee is going to make an unauthorized loan to themselves its very easy with petty cash. If this policy is know and followed there would be no temptation for that. Hope that helps.
@dawnscheetz5774 Жыл бұрын
Hey Matt, I went to the bank and withdrew $100.00 for Petty Cash how do I record that?
@QbuniversityOrg Жыл бұрын
Create a Petty Cash bank account then do a transfer in QB from checking to Petty Cash
@dawnscheetz5774 Жыл бұрын
@@QbuniversityOrg Thank you! That is what I thought but wanted to be sure.