Payment Methods: 3) Dealing with Cash (Petty Cash)

custom_only.pngReceipt Bank can take the first two concepts and help you manage the cash coming and going through a business. This scenario is best suited for where the cash belongs to the business, typical of a petty cash scenario.

You’ll need to create a new user that will be used when submitting petty cash sourced items (Be sure to create an easy to remember unique email address to share with staff who have access to the petty cash funds).

When submitting via the smartphone make sure you submit the item under the new petty cash user, this will ensure Receipt Bank can automatically tag the items with the petty cash payment method.

The following image shows how you can add a new payment method named “Petty Cash (City Office)” to the applicable bank account in the accounting software.

Next we’ll assign the petty cash user against the newly created payment method.

Scrolling to the bottom of the of the Payment Methods screen you’ll see a list of all your users and you should see your newly created Petty Cash user. Assign the new payment method against the new user and set the application rule to “Always use default” and every time the Petty Cash user submits items to Receipt Bank it’ll be matched to the appropriate bank account by automatically! This will allow you to effortlessly manage your petty cash expenditure for, making it easy to reconcile to the penny!

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