Creating a Petty Cash Account (Cash Tin)

Petty cash is a small amount of cash that is on hand to pay for small amounts owed.

Some examples of occasions when you might use petty cash are:

  • If you’re posting an important business letter and need to buy a stamp.
  • If you’re reimbursing an employee for buying food or drink for the company.
  • If you’re covering travelling costs for an employee who is going away on a business trip.

Adding a new petty cash tin to the system

To add a new petty cash tin to IRIS Financials :

  1. Go to Maintenance > Accounts > double click on the relevant PettyCash Accounts ledger.
  2. Click Addand select Account or Account (Copy) as appropriate.
  3. Enter an Account code for the petty cash tin, which can be up to 12 characters long. Typically the account code will be the location of the tin - e.g. FIN (Finance office), ADMIN (Admin office).

  4. Enter a Title and Currency for the petty cash tin.

  5. Select Indices and select an ACTIVITIES type and FUNDTYPE from the list. If you are unsure what to select, select XNODET.

    If you leave the ACTIVITIES and FUNDTYPES Indices blank, any income or expenditure will not pull through to the reports in the Reporting Suite. Do not tick more than one Index Value for each.

  6. Select Analysis Fieldsand enter the ImprestValue. An imprest system is where a fixed amount is reserved which, after a certain period of time or when circumstances require because petty cash has been spent, will be replenished back to the imprest value.
  7. Select Security and assign any security roles required.
  8. Select Save to save the new Petty Cash account.