Set up a petty cash account

To track your petty cash transactions in QuickBooks, you need to set up a petty cash account. chart of accounts, cash account, petty cash, petty cash, setting up, setting up, petty cash account, adding, petty cash account, .

Note: If your company is a cash-based business, such as a retail store, you use a cash drawer to collect money and give change to customers. chart of accounts, cash account, petty cash, petty cash, setting up, setting up, petty cash account, adding, petty cash account, . In most retail businesses, the base amount in the cash drawer is used for petty cash transactions. chart of accounts, cash account, petty cash, petty cash, setting up, setting up, petty cash account, adding, petty cash account, . If this is how you handle petty cash in your business, then you do not need to set up a separate petty cash account.

To do this task

1. Open the New Account window.

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   Important: You need to use only a few of the New Account fields to set up a petty cash account.

2. Click Bank.

   Why do I need to use "Bank" as the account type?

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3. Click Continue.

4. In the Account field, enter the account name, such as Petty Cash.

5. Leave the Opening Balance at zero, and leave the current date in the "as of" field.

   The opening balance will be recorded later when you put money into your petty cash account. chart of accounts, cash account, petty cash, petty cash, setting up, setting up, petty cash account, adding, petty cash account, . If you've already funded the account, enter the opening balance amount and the date that you put the money into the drawer.

6. Click Save & Close.

See also

• About petty cash

• Put money into petty cash

• Record petty cash expenses