Petty Cash Receipt
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Overview
Petty Cash account is cash that is readily available for the company to use in transactions that need only small amounts such as purchasing office supplies, etc. Connected Business allows you to keep track of this using the petty cash account.
Create New Petty Cash Receipt
STEPS
To create a new petty cash receipt,
- Go to Banking > Record > Petty Cash and select Petty Cash Receipt > New Petty Cash Receipt option.The list of petty cash accounts will be displayed.
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- Select the petty cash account from which the petty cash receipt will be applied. The Petty Cash Receipt form will be displayed.
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- Enter the reference codes for the receipt in the Reference 1 and Reference 2 fields. References may include the user names of the payer and the payee.
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- You can also type a description of the cash receipt in the Narrative field.
- Enter the amount for the petty cash receipt in the Amount field.
- In the Expenses section, the default expense account is displayed.
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- Select the account code from the Account Code column dropdown list and the notes in the Description column.
- You can change the default tax code in the Tax Code column. If you change the tax code, the tax rate will be displayed in the Tax Amount Rate column and the value in the Amount column will be updated.
- Save the details before closing the form. You will be prompted that the transaction has been posted.
Manage Petty Cash Receipts
STEPS
To manage petty cash payments,
- Go to the Banking module > Record > Petty Cash and select Find Petty Cash Payment. The list of petty cash receipts history will be displayed.
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- Select the petty cash receipt you want to review.
SEE ALSO:
Set Default Petty Cash Account