How to Enter a Petty Cash Open Balance in QuickBooks

QuickBooks business accounting software lets users to generate multiple accounts for tracking business income and expenditure. One choice is to start a new QuickBooks account to handle petty cash transactions. Most business use petty cash to cover minor expenses that would be too small to comprise as a separate expense in the main accounts. Enter an opening balance for your QuickBooks petty cash account as part of the account

When your business is recognized as a cash-basis operation in Quickbooks, the Accounts Receivable account does not appear on the Balance Sheet reports. There are no receivable or payable amounts on a cash-basis ledger, as the whole thing is settled in cash. When you extend credit to a customer through billing their account as a receivable, you require to generate an opening balance to your Accounts Receivable register.

The petty cash fund is an operative way to accomplish smaller expenses in the office without having to submit a formal requisition every time. Through keeping a small amount of cash on hand, you can make purchases as required and submit the receipts. Appropriate tracking and reconciliation is vital to managing the petty cash balance. Reconcile the balance compared to the activity at the end of each accounting period, or more often if your petty cash fund has more regular activity.

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