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areedy
Joined: 25 Jun 2008
Posts: 49
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| Posted: Fri Jul 11, 2008 8:31 am Post subject: Petty Cash |
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Could someone please tell me the correct way of handling petty cash in Quickbooks? What my company has been doing so far is just writing a check "Cash" and cashing it at the bank. Is this correct?
Thank you very much |
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irsfixer
Joined: 24 Jul 2007
Posts: 165
Location: Houston
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| Posted: Fri Jul 11, 2008 8:44 am Post subject: Re: Petty Cash |
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areedy wrote: Could someone please tell me the correct way of handling petty cash in Quickbooks? What my company has been doing so far is just writing a check "Cash" and cashing it at the bank. Is this correct?
Thank you very much
How you get the cash in the petty cash drawer is not the important part. What entries are you making? |
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Richard Noot
Joined: 20 Aug 2005
Posts: 878
Location: Minnesota
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| Posted: Fri Jul 11, 2008 8:54 am Post subject: Re: Petty Cash |
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[quote="areedy"]Could someone please tell me the correct way of handling petty cash in Quickbooks? What my company has been doing so far is just writing a check "Cash" and cashing it at the bank. Is this correct?
dr petty cash
cr cash
setup of petty cash fund
dr the account that is paid from petty cash
cr petty cash
recording the payment out of petty cash
At this point the pd vouchers in the petty cash box+ cash in the box will allways equal the original total that was setup for petty cash
dr petty cash
cr cash
replenish the petty cash fund to its original amount |
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areedy
Joined: 25 Jun 2008
Posts: 49
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| Posted: Fri Jul 11, 2008 8:57 am Post subject: |
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| Thank you!!!!!!!!!!! |
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