Though online transaction in modern days has become the trend of the times, the earlier methods of transaction still remain prevalent. In fact, making the small payments through check or credit card is not always practical. Using the petty cash from the drawer becomes easier and more convenient. However, you can still record these cash purchases in the QuickBooks if you wish so. But the question that troubles many QuickBooks users is – how to record cash purchases in QuickBooks? Well, the QuickBooks users have already provided the solution of the problem. It will take a few minutes to learn the process. Once you learn it, you can recode the cash purchases in QuickBooks without undergoing any hassles.
Record Cash Purchases In A Few Simple Steps
- Launch QuickBooks and sign in by entering the required details
- Explore the menu and find ‘Lists’.
- Scroll further and find ‘Chart of Accounts’.
- From the drop down menu, find ‘Account’, and then click ‘New’.
- Now select ‘Bank’ and then click ‘Continue’.
- Enter the account’s name in the Account field. You can choose the names as per your convenience. You can keep any name like Petty Cash, Cash Purchases, Cash Drawer, or Cash Record etc.
- Choose ‘0’ for the opening balance and choose the current date.
- Click ‘Save & Close’.
- Select the ‘Lists’ from the menu again and choose ‘Charts of Accounts’.
- Find the cash account you have created right now and click on it.
- Enter the payee’s name, receipt amount in the column provided.
- You can press ‘Tab’ key and move to the next lines.
- From the drop down menu, choose ‘Account’ that you want to associate the record with.
- If you need to split the amount, you can click ‘Splits’ and enter the amounts.
- Finally, click ‘Record’ and the process will get completed.
The process is quite simple. Any QuickBooks user can learn in just a few minutes and start reaping the benefits of the highly elegant features of QuickBooks.
Tip#1: How QuickBooks inventory adjustment can be deleted or edited as well if needed?
Efficient Maintenance Of Records And Accounts
The feature of adding cash purchases in the QuickBooks facilitates the efficient maintenance of the accounts and the records. The cash spending can be accurately and conveniently tracked. Without this feature in the QuickBooks, it would have been mandatory for all QuickBooks users to maintain the cash purchases separately. It may be a bit confusing to use if you are new to it; however, you would find it quite an easy and simple task once you learn using it.