Petty Cash is cash that is readily available for the company to use in transactions that need only small amounts such as purchasing office supplies. Interprise Suite allows you to keep track of this using the petty cash account. 

Before creating a petty cash account, you must create a new account code in the Accounting module for your petty cash account, if there is not one already.

 

Create Account Codes for Petty Cash Accounts
Follow the steps in creating a new account code with the Chart of Accounts Wizard from Accounting Setup > Chart of Accounts > Define each account. The petty cash account code must have (or other similar to) the following properties:

1. Account Group: Assets
2. Sub Group: Current Assets
3. Account Type: Cash
4. The Bank / Petty Cash Ac checkbox must be checked.

See Also: Accounting Setup > Create New Chart of Accounts > Define each account

 

Note: Do not forget to include these accounts in your financial statement layouts. See Also: Working with Accounting Module > Financial Statement Layouts.

Create New Petty Cash Account

1. Go to the Banking module.
2. Select Petty Cash Account under the New menu. The Petty Cash Account setup form will display.
3. Provide a Petty Cash Code and Description.
4. Select the account code for the petty cash account in the Account Code field.
5. Select the currency to use and the currency in the Currency field.
6. Save the details before closing the Petty Cash Account setup form.

 

How To:

Maintain Petty Cash Accounts

Next Steps:

Add opening balance information. See Also: Bank Account Opening Balance

Configure preferences for the Banking module. See Also: Banking Module Preferences

 

 

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