Posting a Initial Petty Cash Opening Balance

The nominals and ledgers in this topic may be different to those in your chart of accounts.

Before using the new Petty Cash account, you need to enter the opening balance, which should be the same value as entered in Imprest Value on the Analysis Field tab in the Petty Cash Account. Fore more information, please see Creating a Petty Cash Account (Cash Tin).

The following methods are available to achieve this depending on which method the cash is extracted from the bank account:

  • Cheque

  • Journal

This section assumes you are familiar with selecting and completing document input forms. For more information, please see Completing Document Input Forms.

Cheque

If you have issued a cheque to top up the petty cash tin, the petty cash tin balance is recorded using a cheque document input form.

  1. Select Documents, then select Documentinput from the menu.
  2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select ASC1 - Cheques (where AS represents the location code) from the Select a document type dialog.
  3. Select Drill (...) in Input form, then double-select to select either Petty Cash Reimbursement or Multi Petty Cash Reimbursement.
  4. Enter the ChequeNumber, Date and Period required, then select OK.
  5. The selected document input form is displayed. Complete the details of the payment in the required fields. In Description, enter Petty Cash Opening Balance. The following graphic shows an example of a completed document input form for a petty cash tin opening balance.
  6. When you have entered all the required details, press F5 or select POST. When you have posted the document input form, the value entered is deducted from the specified bank account and the funds credited against the nominated petty cash tin account.

Journal

If you have withdrawn the cash from the bank account to top up the petty cash tin for example, with a debit card, the petty cash tin balance is recorded using a journal document input form.

  1. Select Documents, then select Documentinput from the menu.
  2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select ASGJ - Journal (where AS represents the location code) from the Select a document type dialog.
  3. Select Drill (...) in Input form, then double-select to select either General Journal.
  4. The document number is automatically populated with the next available document number and you are unable to change the Number.
  5. Select the Date and Period required, then select OK.
  6. The General Journal document input form is displayed. Complete the details of the payment in the required fields.
  7. Enter the value of the imprest value in Debit on the 9420 Petty Cash Nominal Account row, then enter the value in Credit on the 9400 bank account nominal row (do not enter any currency symbols i.e. £, $, etc.)
  8. In Description, enter Petty Cash Opening Balance. The following graphic shows an example of a completed General Journal document input form for a petty cash tin opening balance.
  9. When you have entered all the required details, press F5 or select POST.

When you need to top up your Petty Cash tin account, a document input form can be completed. For more information, please see Topping up the Petty Cash Tin.

Also see:

  1. Processing Petty Cash Expenditure
  2. Topping up the Petty Cash Tin
  3. Allocating a Petty Cash Control Account
  4. Producing Petty Cash Journals