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How to Setup a Petty Cash Account
How to Setup a Petty Cash Account, How to Keep Track of Petty Cash

How to Setup a Petty Cash Account

Maximum businesses use petty cash accounts to fund small purchases and cover sundry expenses. Even though individual petty cash transactions are usually too minor to include in the company's main balance sheet, you must still record the funds allocated to petty cash in your company accounts. You can record and track petty cash amounts by setting up a petty cash account in the Intuit QuickBooks business accounting application.

QuickBooks money management software is designed to assistance businesses track and generate financial statements. In QuickBooks, you can add bank accounts, customer payments and other cash assets to assistance you maintain exact balances on your accounts. If your business maintains petty cash, this money counts as a cash asset, similar to the money in your bank account. "Frequently the balance in the Petty Cash account is combined with the balances in other cash accounts (such as checking accounts) and the total will be reported on the balance sheet as Cash," advises quickbooks4accounting.com Add your petty cash to the Deposits category of your QuickBooks profile.

QuickBooks is financial management software that comes with numerous useful business resources. You can generate budgets; manage bank statements and petty cash to benefit you keep track of significant income and expenses. Managing petty cash is important because it can be easily overlooked if receipts are not maintained for all transactions. Safeguard the accuracy of your income and expenses on your tax returns by inputting your petty cash into QuickBooks on a regular basis.

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