Receipts for petty cash expenditures should be kept in the same place the petty cash is kept: under lock and key. If possible, you should enter the petty cash receipts into QuickBooks on a weekly basis. If petty cash is not used that often, monthly should be sufficient.
Follow these steps to record petty cash transactions:
- Navigate to the chart of accounts, as we did in the previous section.
- Click on the View register link to the right of Petty Cash, as shown in the following screenshot:
- Click on the arrow next to Add check and select Expense, as shown in the following screenshot:
- Fill in the remaining fields, as shown in the following screenshot:
Explanations of the fields to fill in are as follows:
- DATE: Enter the date of purchase in this field.
- REF NO.: If you have a reference number such as an invoice number or account number, enter it in this field.
- PAYEE: Select the payee from the drop-down menu. If the payee...
