QuickBooks business accounting software permits 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 contain as a separate expense in the main accounts. Enter an opening balance for your QuickBooks petty cash account as part of the account setup procedure.
Most businesses use petty cash accounts to fund small purchases and cover sundry expenses. Even though individual petty cash transactions are typically too minor to include in the company's main balance sheet, you must still record the funds assigned to petty cash in your company accounts. You can record and track petty cash amounts through setting up a petty cash account in the Intuit QuickBooks business accounting application.
