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Keeping Track of Petty Cash

SystemSystem Posts: 412 admin

imageKeeping Track of Petty Cash

If you keep cash at your business to make change or purchases, you should keep track of it in Wave.
Setting Up Accounts for Float or a Cash Box
If you’re managing a standard amount of cash, like a ...

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edited February 29, 2020 in Help Center Discussion

Comments

  • Adnan_RafidAdnan_Rafid Member Posts: 1

    I wanted to know about creating a separate "Petty Cash" account. This article doesn't say anything about it.

  • Jose123454321Jose123454321 Member Posts: 1

    What is the difference between this and "Cash on Hand" account that is already as default an account?

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hi @Adnan_Rafid , this can be done under Cash & Bank in your Chart of Accounts and you can name it Petty Cash or some sort of variation of this.

    Hey @Jose123454321 , no real difference between this and the Cash on Hand account. This article was added because we've seen users dump a bunch of different transactions into the Cash on Hand account that shouldn't have been there, which is why we use the terminology petty cash or cash box so that this is more clear.

    edited May 12, 2020
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