Petty cash is money that you keep in the office in case of small, unexpected expenses.
For example:
- Unit 12 sprung a leak, and I needed to quickly pay the plumber up-front so that he would perform the work.
- The lock to the front door of unit 15 broke, so I quickly paid a locksmith to replace it for the sake of security.
- I needed to touch-up the paint on a wall before showing it to a potential tenant; I used petty cash to cover the expense.
Remember that all money, including petty cash, must be tied to a property or association. Think about who the petty cash belongs to. Does it belong to a property or your property management company?
Add a petty cash accountShow
To track petty cash, add a bank account called Petty Cash. see "Bank accounts"
Add an amount to petty cash Show
- To add money to petty cash:
- Navigate to Accounting > Banking.
- Click on the Petty Cash account.
- Use an other deposit item or other bank transaction to make a deposit.
Spend money from petty cashShow
To take money out of petty cash, record a check from the petty cash account. Use "cash" as the check number.
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