Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

Set up a petty cash account

To track your petty cash transactions in QuickBooks, you need to set up a 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. In most retail businesses, the base amount in the cash drawer is used for petty cash transactions. 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.

    1. Go to the Lists menu and click Chart of Accounts. Shortcut

    2. Click Account at the bottom of the list and then click New.

    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?

    By using a "Bank" account type, your petty cash or cash drawer account appears at the top of both your chart of accounts list and your balance sheet reports, along with the other accounts where money moves in and out (for example, your checking account).

  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. 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

KB ID# H_COA_TASK_PETTY_CASH_ACCOUNT_SETUP
4/25/2014 12:23:24 AM
PPRDQSSWS401 9102 Pro 2013 8468da