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 accountShowHide

To track petty cash, add a bank account called Petty Cash. see "Bank accounts"

Add an amount to petty cash ShowHide

  1. To add money to petty cash:
  2. Navigate to Accounting > Banking.
  3. Click on the Petty Cash account.
  4. Use an other deposit item or other bank transaction to make a deposit.

 

Spend money from petty cashShowHide

To take money out of petty cash, record a check from the petty cash account. Use "cash" as the check number.

 

Article #: 111192

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