DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Petty Cash Confusion


#1

Hi, I hope you can help please. I’m a bit confused as to how Manager handles petty cash. When I first set up Manager I did a transfer from the bank to Petty cash which showed up on the Summary as “Cash in Hand - Petty Cash”. However, under Other Assets, I also have a category called “Petty Cash” with a zero value. Thinking perhaps I needed to put the money in as an opening balance I reversed the original entry. Under petty cash I put the opening value in but I’m still seeing two accounts with the same name in two different areas; one with an opening value and one without. Whichever way I enter the data, I get a single entry on the balance sheet under current assets which is fine.

Looking in the chart of accounts I only have one petty cash account under the assets area and this only has one entry against it. So, to check whether or not the “other” petty cash would take information I went into it through chart of accounts and set up an opening balance here too. Looking at the balance sheet under current assets I have Cash in hand - Petty Cash with a value and a second petty cash which also has a value.

Also, having now done this, I have an amount in suspense which wasn’t there before and when I click on suspense its not showing the lines which contribute to the value held there. So now I’m totally confused and my question is, can anyone please explain why I seem to see two occurrences of the what appear to be the same account and why, having done the second process described here do I have a balance in suspense which was not there before?

Any thoughts gratefully received.


#2

I’ve sorted it out now. The problem was I had created the second account but didn’t actually need it. When I copied the business file as a “play” area and worked through the accounts and the Manager Guides, it became obvious this was an error I made in the initial setup. Thanks to all who read this, apologies for taking up your time.


#3

It good you have resolved it :slight_smile: