Petty Cash

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Experienced Cover User
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Experienced Cover User
Australia
Experienced Cover User

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Petty Cash

Hi 

Regarding Petty Cash - I put through my POS system as the $ are taken from the til. 

This then balances my cash for the day. All good 

 

I was advised by a consultant to just enter under my sales using the expense account. 

I have done this and it is easy until I went to do my BAS and noticed i had GST free sales it has reported as GST freee Sales eg milk. 

I need it obviously to be reported under purchases. 

 

Is there anyother easy way to enter petty cash. 

When I enter my BAS I will jsut change to GST free purchase for this quarter but need something simple for future entries. 

Any ideas would be appreciated. 

Thank you 

 

 

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MYOB Moderator
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MYOB Moderator
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Re: Petty Cash

Hi @Suzanne_2306198 

 

Purchases made from petty cash are generally entered as Spend Money transactions with the Pay from Account being Petty Cash. This way the purchases are reported correctly on the BAS and in the applicable expense accounts.  

 

You could enter one Spend Money transaction for the day instead of individual transactions for each purchase. In the amount field you would enter the total of petty cash for the day and then allocate to the expense accounts with a description in the memo field on each line.

 

This support note, Petty cash, has the steps for setting up and entering petty cash transactions.

 

Please let me know if you need further help

Cheers,
Tracey
Previously @bungy15

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