How to Record Petty Cash (New Vers.)

Learn how to accurately record and manage small cash expenses in your accounting system, ensuring transparency and proper tracking of minor business expenditures.

1. Click on Cashflow and select 'Wallets'

2. Click on Add New

3. Enter a name for the petty cash account. For example, you could name it "Petty Cash Fund" or "Office Petty Cash."

4. Select or choose "Cash" as the type of transaction or account.

5. Choose the payment method and conditions

6. Specify the associated account for the petty cash transactions. In many cases, this might be a cash account or a general ledger account designated for petty cash.

7. Click on Save