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Q: How do I create a petty-cash account?

A: To establish a petty-cash account in Rakefet follow these steps:

1. Go to Setup a Chart of Accounts.

2. Click Add.

3. Give it an account number as you would a bank account, such as B03000 with a description of Petty-cash. (Side note: Petty-cash account will be a “B” account because it is a representative of a body of money with a set value).

4. Click Close to save your changes.

5. Now that it is created, you should establish what the value will be maintained at. To do this, you will do a journal entry. Go to Special --> Journal Entries.

6. Under ACCT enter in the new “B“ account for the Petty Cash account.

7. Enter the account balance under the Debit box with a Memo of “Starting Balance.”

8. Click Add line.

9. Under ACCT on the new line, type Q99999.

10. In the Credit box enter the starting value for the Petty-cash account with the same Memo, “Starting Balance.”

11. Enter the date.

12. Enter a check number if it was established from a check, and possibly the Vendor CASH.

13. Click Post & Close to finish your entry.

14. After this final step, you are finished establishing the value of the Petty-cash account.