Recording Petty Cash Transactions

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

This topic assumes that you are familiar with the completion of document input forms. If you need more detailed instructions (such as the selection of dates, periods, and accounts, etc.) please see Completing Document Input Forms.

In IRIS Financials, petty cash tins can be set up as accounts in the Petty Cash ledger (a balance sheet ledger). The petty cash accounts (tins) link to the Petty Cash account nominal.

Cash received must be recorded as a receipt (REC). When petty cash is used for expenses, it must be recorded using the petty cash expenses document (PCSH).

Each establishment/organisation decides how frequently these transactions should be entered. Some issue individual receipts and some record transactions in a petty cash book then the total amount entered onto the system. Whichever method is used, it must reconcile in IRIS Financials.

  1. Select Documents, then select Document Input from the menu.
  2. The Document Input dialog is displayed. Select Drill (...) in Document type, then double-select to select PCSH - Petty Cash Expenses from the Select a document type dialog.

  3. The Petty Cash Expense input form is then displayed in Input form. The Number defaults to the next number in the sequence for the selected document type.
  4. The Date defaults to the current date and the Period defaults to the current accounting periods and need to be changed to the date of the expenditure. If the date needs to be changed, select the down arrow and select the required date from the calendar. If the period needs to be changed, select Drill (...) in Period, then double-select to select the required period from the Select a period dialog.
  5. Select OK to confirm your selections. The Petty Cash Expense document input form is displayed populated with the details entered in the Document Input dialog.
  6. Double-select in Petty Cash Tin, then double-select to select the required petty cash tin account.
  7. Enter a description for the document such as P/CASH EXP WK34, then enter the total amount of the expense including VAT. The individual expense lines must match this amount.
  8. Complete each detail line of the document, adding VAT (where an invoice/receipt has been supplied). The Nominal codes identify what has been purchased, and the Account identifies who has paid for it
  9. Repeat the process for any additional line items, then press F5 to post the document or select POST.
  10. A link to the posted petty cash transaction is then displayed in the Documents Posted panel.
  11. Select the link if you want to view the transactions posted for the petty cash transaction via a Document Enquiry window.