QuickBooks Online Crash Course Petty Cash And Cash On Hand Transactions How To Record And Manage
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- čas přidán 6. 08. 2024
- This QuickBooks Online Crash Course Training Tutorial will show you how to record petty cash transactions into QuickBooks Online. They do not have to be small amounts and it does not have to be called “petty cash”. Basically, any physical cash that you us to pay expenses, or collect from customers as cash with the intention of spending it for company expenses, is a “cash in hand” type of account. You will keep records of a cash on hand account in the exact same way you would if it were an account in a bank. Both a bank account and a “cash on hand” account are places that you put money in, sometimes from customers, and pay out from, for expenses. Therefore, the way you keep records for them will be the same. You need to use the “expenses” window when recording a cash payment for company expenses. You need to use the deposit window the same way you would with a bank account, when putting money into the account or physical place that you keep the cash. This is usually a “lock box”: that has a key for an authorized person to open.
This QuickBooks Online Crash Course was created for people who need to do all their annual bookkeeping at the very last minute. They also would like to do the absolute minimum amount for bookkeeping and least amount of QuickBooks work possible to be able to satisfy the Bookkeeping requirements of the I.R.S. and any other organization that requires at least basic bookkeeping. This minimum QuickBooks Online Course will give you the basic skills you need to be able to record transactions directly from the companies (or client’s) bank statements or credit card statements and input the quickly, easily and accurately. Any company that needs only a general ledger, and no other areas of data (no: receivables, payables, no inventory nor sales tax). If you are a self - employed bookkeeper, then this would be the fastest way to keep books for your clients and provide services from QuickBooks Online. Usually, these bookkeeping clients don’t care about anything except the minimum in QuickBooks.
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Hello My QuickBooks Online Friends!! This Online training tutorial will show you how to record cash transactions. You could manage your cash by making a lock box or draw in a desk as the secure place to keep the company cash. You could call it “cash on hand” or “petty cash”. You will use the deposits window when you put cash in to it and us ethe expense window when you take cash from it to pay for company expenses.
I hope you will “like” after watching each one and please support the channel and subscribe.
-Mark
Thank you for the tutorial. Everything was great until Example 3. You say that our company, Vunda, received, in cash, $100 for video editing services. Then somehow you start talking about $250 dollars that will be taken out of the Cash on Hand account and deposited into the bank account. Rather, I believe you should have shown a 100-dollar deposit into the Cash on Hand account.
Thank you george, what time-index are you refreing to?
-Mark
he is referring to 8:53 even I get confused. If Betty Boop paid Vaunda a cash, it should be record on Cash on Hand account and Video Editing Revenue account. but after that example no.3, you are now talking to bank deposit transaction from cash on hand account to bank account
thanks for your clear explanation and clear speaking
I'm very glad you like the video and you can click on the top right corner of the video to get the full crash course playlist. If there's any other topic in quickbooks you need, just ask it's my pleasure!
I hope you will click like after watching each one to support the free help for everyone and subscribe
Mark
Hello. I have a question. How to record unreturnable Petty Cash. Let say employee gone and didnt bring receipts for expenses that he used. We use write checks for record petty cash expenses. Is it right way to create account Bad Debt expense and make Journal entry by decrease Petty cash and increase bad debt expense account? Thank you. And I am so grateful for your courses.
Thanks for another awesome video! Can an owner's draw be taken from cash on hand? i.e. the business owner makes a sale and puts the cash in their wallet with no intention to track that business cash separately. Can that be recorded as a deposit into cash on hand and then immediately converted to an owner's draw so they can do whatever they want with the cash?
Thank you so much
Yes the cash on hand is the same as the bank account so if you take from the bank account for non-business then its owners withdraw and if you take from the cash on hand it's also owners draws it's the same thing
I hope you will click like after watching each one and I hope you will subscribe
Mark
@@worldwidequickbooks Thank you!
Any tips on how to handle coin laundry bookkeeping in QBO, when coin collections are collected from washing/drying machines then deposited back into a change machine but the cash bills in the change machine are removed?
In that case, you do not need to record aqnything in quickbooks except the cash that was deposited.
You oly need to record it as 1 simplke income deposit. Anything you move between machines is not a transaction. If you just record the deposits then you know everything you need because you already know, at any given moment, how much change is in the change machine or the bill equivalent.
-Mark
@@worldwidequickbooks thank you!
Hi Sir Mark, first of all thank you so much for your tutorials.
I have a question regarding your example #3: Jan 14, 2022, Betty paid Vaunda $100 cash for editing services.
You used the deposit window to record it, and the result are:
Increase on cash on chase bank and
Decrease in cash on hand.
Here my question, since Vaunda received cash for editing services, and received cash immediately for the service provided, can we use the "sales receipt" to record it?
The result will be:
Increase in cash on hand and
Increase in editing income
Please let me know your thoughts, thank you again and keep safe.
Thank you for the compliment and I'm glad the video is helping you
Yes, there are Sometimes different ways you can record the same thing and get the same result.
I showed it this way because I felt if it were a crash course this would be the best way to record that. You see if you're doing the minimum amount of bookkeeping just for taxes, you don't need to make items and sales receipts cuz that's extra data entry and extra work. If you're only doing your books so that you can do your taxes, then there's no reason to use sales receipts because you don't need management reports that show you which items are selling better and which customers buy more.
Mark
@@worldwidequickbooks thank you much Sir. Noted on that. I wonder if you have a Bookkeeping Service and a VA agency?
Can I have a question? What if cash expenses do not come form any bank account which is connected to QBO system? How to record that kind of expenses into QuickBooks online ? Thank you very much in advance.
Thank you please re ask your question because I do not understand what you're asking
Mark
@@worldwidequickbooks Thank for your kind care. What I meant is how to record cash(out of pocket expenses) expenses in QuickBooks online?
Example 3 is incorrect
Ok
Example 3 was confusing.
Keep at it you'll get it
I agree, Saqib Rahman. This should be treated as cash payment for editing services by Vaunda, the company to Betty Boop, the customer; hence, the credit should be Editing Income and not a deduction from Cash on Hand. I hope our idol Mark of the quickbooksdude would reconsider his treatment of the transaction.
@@jeanettevangelista5738 Yes there was a skipped step in the vidoe, I hope the idea come sthrough.
-Mark
january 14, 2022 betty boop paid vauda $100 cash for editing service
you gave her receipt #1122334
based on my understanding betty boop paid us $100 why on the sample you transfer a fund from cash on hand to cash on chase bank $250?
Thank you
I was simply trying to show an example of how you would record petty Cash transactions both depositing from the bank account and what it would look like paying from petty cash and there's no Other special business or bookkeeping reason it's just an example
Mark
Love your videos. Unfortunately I am so confused with your example 3. My numbers don’t add up like yours and I’ve been over it 3 times. Looks like from the above comments I’m not the only one that Betty Boop has got there heads spinning. Hopefully I can just move on and it won’t affect the next lesson. I don’t know how to correct the numbers.