Forum Discussion

yoshu's avatar
yoshu
Trusted User
5 years ago
Solved

Petty cash short as cash deposited twice

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 ...
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    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

     

Tracey_H's avatar
Tracey_H
Former Staff
5 years ago

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

  • yoshu's avatar
    yoshu
    Trusted User
    5 years ago

    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's avatar
      Tracey_H
      Former Staff
      5 years ago

      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

       

      • yoshu's avatar
        yoshu
        Trusted User
        5 years ago

        Thank you so much Tracey