Posting a Initial Petty Cash Opening Balance

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

Add an Opening Balance

Before using the new petty cash account , you will need to enter the opening balance, which should be the same value as entered in the Imprest Value field on the Analysis Field. There are a number of different methods to achieve this depending on which method the cash is extracted from the bank account. They are:

Cheque

  1. Go to Documents > Documentinput > select the Cheque document type and then select either the PettyCashReimbursement or MultiPettyCashReimbursement input form.
  2. Enter the Cheque Number, Date and Period required and press OK.
  3. Complete the details required on the form by double clicking in the relevant field to select the different options and in the Description field, enter Petty Cash Opening Balance.
  4. Select Post to post. This will deduct the specified bank account and place the funds into the nominated petty cash tin.

Journal

If you wish to enter a journal for the opening balance (for example, if you have withdrawn the cash from the bank with a debit card):

  1. Go to Maintenance > DocumentInput > Select the Journal document type.
  2. Enter the Dateand Period of the posting and press OK.
  3. Debit the Petty Cash Control account - 9420 nominal and credit the source of the cash (usually the bank ***9400 nominal). Enter Petty Cash - Opening Balance in the Description.
  4. Select Post to post the journal.

When you need to top up your Petty Cash tin account, see Topping up the Petty Cash Tin .