How do I create a petty-cash account?
A: To establish a
petty-cash account in Rakefet follow these steps:
Go to Setup a Chart of Accounts.
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).
Click Close to save your changes.
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.
Under ACCT enter in the new “B“ account for
the Petty Cash account.
Enter the account balance under the Debit box
with a Memo of “Starting Balance.”
Click Add line.
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