Forum Discussion

yoshu's avatar
yoshu
Trusted User
6 years ago

Petty cash short as cash deposited twice

Hi,

 

I deposited $130.50 from petty cash to our bank account. But Forgot to deposit in MYOB (prepare bank deposit). The next day I went for holiday leaving a temp behind. When I came back today I found the temp had deposited $130.50 from the petty cash to the bank again and cleared it from Prepare bank deposit. Obviously my petty cash is short but also my bank statement wont reconcile. Bank statement shows $261 but MYOB only shows $130.50. How do I fix this?

  • Tracey_H's avatar
    Tracey_H
    6 years ago

    Hi yoshu 

     

    You are correct that a Transfer Money from the bank account to petty cash will account for you maintaining the float.  Your bank account will show a withdrawal, both on the statement and in MYOB, to account for you adding cash back to the float.

     

    Let me know how you get on

     

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    6 years ago

    Hi yoshu 

     

    To account for the first deposit so that you can reconcile your bank account you can record a Transfer Money transaction. 

    Accounts>Transfer Money

    Transfer from account: Petty cash

    Transfer to account: Bank account

     

    Please let me know if you need further help

    • yoshu's avatar
      yoshu
      Trusted User
      6 years ago

      Hi Tracey,

       

      I need to physically put $130.50 in petty cash as well. We maintain a float of certain amount in petty cash? So once I withdraw money from bank account. I do another transfer money transaction from bacnk to petty cash?

      This should work. Thanks Tracey.

      Let me know if I am wrong please.

       

      • Tracey_H's avatar
        Tracey_H
        Former Staff
        6 years ago

        Hi yoshu 

         

        You are correct that a Transfer Money from the bank account to petty cash will account for you maintaining the float.  Your bank account will show a withdrawal, both on the statement and in MYOB, to account for you adding cash back to the float.

         

        Let me know how you get on

         

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