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Recording petty cash transactions

Created on  | Last modified on 

Summary

How to enter petty cash transactions in Sage 50 Accounts

Description

You can use a petty cash account for small, everyday purchases like groceries, parking charges, and petrol. Record the money you add and any payments you make. This helps you track your spending and check the balance you have left.

Resolution

Record the petty cash opening balance

  1. Select Bank accounts, then select Bank transfer.
  2. Complete the Bank Transfer window:
    Field Description 
    From The bank account you're transferring the opening petty cash balance from, for example, your current account.
    Amount The amount you want to transfer.
    To Your petty cash bank account.
    Date The date of the transfer.
    Reference A reference for the transaction.
    Description The details for the transaction.
    Department The department for the transaction, if you use one.
  3. Select Save, then Close.

Record payments made from petty cash

  1. Select Bank accounts, then select Bank payment.
  2. Use the Bank Payments window to record your payments for the day. For example, to post a £/€10 parking charge to nominal code 7304:

    Bank Date Ref N/C Details Net T/C Tax
    1230 Date Ref 7304 Parking Charge  10.00 T9 0.00.
  3. Select Save.
  4. Repeat steps two and three for any other petty cash payments.

Top up the petty cash balance

When your petty cash balance runs low, you can top it up from the till or your current bank account.
To do this, record a bank transfer. Refer to the first section, Record the petty cash opening balance.

 

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