PETTY CASH

Petty Cash is an Asset account just like the cheque account, where all transactions should be recorded correctly.

To create an initial Petty Cash Float:

  1. Go to the Banking Command Centre
  2. Choose Spend Money
  3. Choose your Pay From Account from the drop-down menu
  4. Write the cheque as normal for the amount of the float
  5. Enter the Acct # for Petty Cash and use the Tax Code N-T
  6. Click Record

To use Petty Cash to pay expenses:

  1. Go to the Banking Command Centre
  2. Choose Spend Money
  3. Choose Petty Cash as the Pay From Account from the drop-down list
  4. Write a ‘cheque’ as normal
  5. Allocate the various expense Acct # as necessary
  6. Use the Memo field on each line for specific expense details
  7. Allocate appropriate Tax Codes for each type of expense
  8. Click Record

To reimburse the Petty Cash account, follow the steps used to create the initial float.

For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…

PETTY CASH

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