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I am new to MYOB essentials and I am hoping someone can point me in the right direction when it comes to reimbursing employees. I asked the business accountant and they suggested using a petty cash system, I am wondering if there is anyway of doing this without using actual cash?
I am hoping I can somehow pay directly into a bank account without it being included in payroll?
Any help would be greatly appreciated, thanks in advance!
Solved! Go to Solution.
In the old days before EFT remittances or corporate Credit Cards for employees, or ATM's or merchant facilities a Petty Cash Tin was used.
Employees would keep their Invoices (now Tax Invoices) and provide a weekly Expense Summary for reimbursement.
The time period would differ from firm to firm ie some employees would claim after each transaction.
I suggest a Weekly Expense Summary may still appropriate and the employee can be paid by EFT.
A business should have a control that the employees are only claiming for business expenses.
Hope this helps.
Thanks for the reply Duncan.
Implementing an expense sheet sound like a much better option to me, eliminating the need to have cash on hand is definitely a positive!