The Total of the Reconciled Cheques shown in the Reconciliation Report is the amount needed to reimburse the Petty Cash account. This Total should equal the balance of the cash receipts in your physical 'petty cash tin', The following window shows an excerpt from the Reconciliation Report. It can be seen that $71.53 is needed to reimburse the Petty Cash account Now that the reimbursement amount has been determined: - Go to the Banking command centre and click Spend Money. In BusinessBasics, go to the Command Centres menu and choose Banking then Choose Spend Money.
- Click the Pay From Account field and select your cheque account in the adjacent field.
- Enter the Cheque No, Date, Amount and Memo.
- In the Acct# field in the lower portion of the window, select your Petty Cash account.
- Make sure you select N-T in the Tax column.
- Click Record.
The following window shows a sample of the reimbursement transaction. After entering this transaction, the Petty Cash account balance should equal its original opening balance of $100.00. This should be confirmed by using the Balance Sheet report. |