Petty cash management with cash books, settlements, and top-ups

You can now manage petty cash under the imprest system in Accounting: entrust a fixed amount of cash to a custodian, pay small expenses, and top it up at settlement.

What's new#

• A new Petty cash screen under Accounting lists each fund with its balance, fixed amount, pending top-up, and settlement reports awaiting approval.
• When you create a fund, you choose how it is booked (a Petty cash account or a sub-account of Cash), the custodian, and the fixed amount, and record the advance at the same time. If the source account already has a withdrawal of the same amount on the same day, you are asked to confirm to avoid double entry.
• Each fund has its own petty cash book showing receipts, payments, a breakdown by account, and the running balance. You can attach receipts to payments.
• You can record top-ups, cash counts with a denomination sheet, and fund settings from the fund screen.
• Custodians can draft a settlement report, review the breakdown, payments without receipts, any cash discrepancy, and the top-up amount, then submit it. Accounting staff can approve it and record the top-up, or send it back.
• Differences found in a cash count are recorded as cash over and short. Once the cause is known, you can reclassify them to the right account, or to miscellaneous loss or income if the cause is unknown.
• You can print the petty cash book (A4 landscape) and a petty cash settlement statement with a summary, breakdown, denomination sheet, and seal boxes.
• When you record a cash expense, you can now choose which cash it was paid from. Funds you hold as custodian are selected by default.
• The year-end checklist shows the cash over and short balance, and petty cash is included in cash and deposits, the deposits breakdown, and the subsidiary ledger.
• We also fixed an issue where the button to record a transaction as separate did not appear when the cash book warned about a possible duplicate.

Who it's for#

• Users with permission to manage Accounting

How to use it#

1. Go to Accounting > Petty cash.
2. Create a fund, set how it is booked, the custodian, and the fixed amount, and record the advance.
3. Enter daily payments in the fund's cash book and submit a settlement report at the end of the period.
4. After accounting staff approve it, the top-up is recorded.