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Petty cash short as cash deposited twice

yoshu

Hi,

I deposited $130.50 from petty cash to our bank account. But Forgot to deposit in MYOB (prepare bank deposit). The next day I went for holiday leaving a temp behind. When I came back today I found the temp had deposited $130.50 from the petty cash to the bank again and cleared it from Prepare bank deposit. Obviously my petty cash is short but also my bank statement wont reconcile. Bank statement shows $261 but MYOB only shows $130.50. How do I fix this?

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Accepted answers

Tracey_H

Hi @yoshu

You are correct that a Transfer Money from the bank account to petty cash will account for you maintaining the float. Your bank account will show a withdrawal, both on the statement and in MYOB, to account for you adding cash back to the float.

Let me know how you get on

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yoshu

Hi Tracey,

I need to physically put $130.50 in petty cash as well. We maintain a float of certain amount in petty cash? So once I withdraw money from bank account. I do another transfer money transaction from bacnk to petty cash?

This should work. Thanks Tracey.

Let me know if I am wrong please.

Tracey_H

Hi @yoshu

To account for the first deposit so that you can reconcile your bank account you can record a Transfer Money transaction.

Accounts>Transfer Money

Transfer from account: Petty cash

Transfer to account: Bank account

Please let me know if you need further help