Setting up a petty cash account

We recommend tracking your petty cash with a QuickBooks Online Simple Start bank account.

Create a petty cash account for each business.

To set up a petty cash account

  1. Open the Chart of Accounts.
    (Or, from the Company menu, choose Chart of Accounts.)
  2. Click New... in the lower right of the screen. The New Account interview appears.
  3. Choose Bank as the type of account.
  4. Choose Cash on hand as the type of bank account.
  5. Enter the account Name, such as "Petty Cash."
  6. (Optional) Enter a Description.
  7. Enter the Balance and the as of date.
    If the account is brand new, leave the opening balance at zero. Its opening balance will be created when you transfer funds from the appropriate account to fund your petty cash account. For example, you can fund your petty cash account by transferring money (using Transfers) from your checking account to the new petty cash account. How do I transfer funds between accounts?
  8. Click Finish.

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