I have £50 in cash from a recent job, waiting to be physically deposited into my bank. I have matched it against an invoice and so it shows as money IN in the business current account in QF and is fully tagged. Rather than pay all into the bank, I want to retain £25 to have as petty cash. Can you please guide me as to the system entries I would need to do to account for this. many thanks.
Untag, delete entry, do new entry 25 cash paid and 25 bank while logging payment against invoice
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OK, I have £25 in my QF petty cash acc and have created a petty cash book in excel. Have made a few small purchases today. For the moment, do I just write out petty cash vouchers and record the details on the spreadsheet, including an analysis of the cost type, eg sundries, postage etc?
Is it normal to wait to a month-end close off and post the petty cash payments and receipts to the appropriate accounts in the nominal ledger? In so-doing will this reduce the balance in my cash tin accordingly or must I input a new transaction from within the petty cash account to record each individual spend?
You can log payments from petty cash screen, no need to summarise on excel sheet