Petty Cash Account

It's simply to document expense transactions that are paid for with cash by creating a Petty Cash account ledger. 

Create a Petty Cash Account Ledger

Although this is technically not an actual bank account, you'll be creating a banking ledger to post your petty cash transactions. 

In your Rentec Direct account: 

  1. Click Banking
  2. Click the + Add an Account button
  3. Set the Account Type to Credit
  4. Enter an Account Name such as 'Petty Cash'

    Tip: In the private notes, you can choose to enter the petty cash fund amount for reference
  5. Click Add Account when finished

    Creating a Petty Cash Banking Ledger

When posting an expense transaction paid for with Petty Cash funds on a property ledger, indicate this account in the transaction by using the Bank drop-down menu.  

Adding Funds to the Petty Cash Ledger

You will want to reflect the starting balance of the funds on hand and any updated balances. 

In your Rentec Direct account: 

  1. Click Banking
  2. Right-click the Petty Cash ledger and choose To reflect a deposit to this fund, you can either post an Account Balance update by clicking the balance of the Petty Cash account under Banking and using the "Update Balance" button, or by posting an income transaction to your business account. 

    More information on posting income transactions to a business account can be found here: Tracking Business Income & Expenses
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