Quicken & Other Budget/Accounting Software/Receive Money



What is the correct way to record payment received for petty cash?

The way i put before is :

Deposit to account : Petty Cash
Payor : Bank Name
Credit : Shareholder capital (under equity account)

Is this correct? If not please advise the right way.

Hi Farida

That JE would be correct if the petty came out of the pockets of the owners.

If the petty cash came from  the operating bank account for the business
the credit would go to the business operating bank account.

Linda Saltz, CPA
Advanced Certified Quickbooks advisor

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

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