Create a petty cash account for each business.
Petty cash is a convenient supply of cash that you use to make small cash payments for goods and services. For example, instead of writing a check for postage due, you can pay the postman directly out of your petty cash box.
You should designate one person at your company to control the petty cash box and to keep track of each withdrawal. Here's how to control the flow of cash:
You can track these transfers and expenses and reconcile your petty cash account just like any other bank account in QuickBooks Online Simple Start.
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