Making sure you enter your cash receipts in properly is very important because as business owners and bookkeepers, we want to make sure we don’t miss any write off… right?!?
In this video, I’ll be sharing with you a few ways to enter your petty cash/cash draw transactions including how to add deposits and enter your expenses.
I’ll also cover how to enter expenses the owner gives you whether they/you want to add them as owner contributions or if they want to be reimbursed through a check.
Are you ready to jump in… don’t forget to grab a pen and paper to take notes 📝.
Let me walk you through it step-by-step so that you’re confident entering cash expenses in QuickBooks.
If you’re looking for the Desktop version of this video click here
**Grab your Receipts
Setting up Petty Cash Account in Chart of Accounts
- Go to Accounting
- Chart of Accounts
- Click New
- Choose banks
- Save Account under – Bank Accounts
- Tax Form Section
- Cash on Hand
- Account Name
- Description
- Click Save
Entering Transactions
- You can go straight to the Register from the Chart of Accounts
- Add details
- Date
- Account
- Payment amount
- Account (Sub-account)
- Click Save
Or
- Go up to +New and enter Expenses
Putting Money in Petty Cash Account
- In the Register, choose add deposit
- Add details
- Date
- Account
- Deposit amount
- Account (Sub-account)
- Click Save
Entering Expenses (Journal Entry)
- Go up to +New and choose Journal Entry
- Add Accounts, Debit and Credit side amounts
- Click Save
Add New Entering Check back
- Go up to +New and choose Check
- Add details
- Payee
- Bank Account
- Payment Date
- Category
- Amount
- Click Save and Close
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Have you been using QuickBooks for a while, but when you pull a report you just don’t understand what it’s saying?
Does the idea of going to see your tax professional sound a little stressful and maybe cause you to feel like you want to pull your hair out?
I would love for you to join me on my customizing QuickBooks workshop.
I’ll be sharing:
- The most efficient way to track your Income and Expenses.
- How to create accurate reports in order to view how your business is actually doing and stop second-guessing yourself.
- Where to get the data you need to make the best decisions to grow your business.
And the #1 SECRET to feeling confident at your next tax appointment.
I’m excited to see you on the workshop!
Click here to save your seat → Join My Free Workshop!
🙋🏻♀️ I’d love to connect with you on Instagram or Facebook
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#CandusKampfer
How do I post cash on hand/petty cash in QBO?
Hi Lynn,
I will add your questions to Candus’ list of future tips and tricks videos.
Have a wonderful day! ~Kindra/Team Candus
Cash withdrawals automatically post to my bank feed, and then I assign them to an account (shipping, fuel, etc.). Is that okay, or do I need to create a cash account?
Hi Lu,
That works fine unless you want a register/account on your P&L that tracks your cash expenses specifically. 😊
~Kindra/Team Candus
Do you normally go this fast in your paid classes? I could hardly keep up and digest what you were teaching. Thank you for at least putting the teaching out, but I would have to slow down the video to fully grasp all the quick steps that you discussed.
Hi Darlene,
There is a speed function in the bottom right corner of each video if you’d like to change the speed. You can always pause or rewatch as well.
Have a great day,
Kindra
Team Candus
Thank you so much, im learning with your tips everyday.
We love hearing that Olga. Thank you for watching our videos! 🤩 ~Kindra/Team Candus